IFEZ Journal

K-content continues to achieve stunning growth. Following the earlier global hits Squid Game and When Life Gives You Tangerines, the animated film K-Pop Demon Hunters, unveiled last month, has taken the lead in streaming rankings in more than 20 countries worldwide. Alongside the rise of global stars and the ripple effects across the cultural and tourism industries, exports of consumer goods to global markets have grown substantially. With global platforms like Netflix, Disney+, and YouTube reshaping the landscape of the content industry, K-content is increasingly establishing its influence.

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1.  A thriller drama starring Lee Jung-jae and Lee Byung-hun, ranked among the top in global streaming for K-content.

2.  A humanism drama starring IU (Lee Ji-eun) and Park Bo-gum, which held the No. 1 spot in streaming rankings for an extended period in countries such as Indonesia and Vietnam.

Experts now point out that K-content could become overly reliant on global platforms or skewed toward certain genres, underscoring the importance of strengthening global competitiveness and ensuring sustainability. Amid ongoing intense competition among global content providers, there is an urgent need to secure intellectual property (IP) rights for content, enhance negotiating power with global platforms, and ensure government-level institutional support, while practical measures and implementation are still lacking.

There is broad consensus on the synergy of K-content; ongoing concerns highlight that government-level regulatory reforms and practical measures for promotion and support remain inadequate. Encouragingly, Incheon City is moving forward with plans to establish K-Con Land, which is welcome news as a practical initiative to nurture the K-content industry. Incheon City is envisioning K-Con Land while drawing on the video, cultural, media, and entertainment infrastructure of the IFEZ. The project, which focuses on building a convergence cluster that combines content production, consumption, and global distribution beyond merely creating a theme park, requires large-scale investment and policy innovation at the government level.

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1-3. Wonderbox & Art Space at Paradise City, full of diverse attractions and entertainment.

4.  BMW Driving Center, offering a wide range of exhibitions and experiences related to BMW vehicles.

According to recent reports, U.S.-foreign-based companies with rich experience and technological know-how in content production have shown their willingness to invest in the K-Con Land project. The Kessler Collection recently chose to invest in the project, in line with its plans to expand into the Asian market, while Lune Rouge Group, the Canadian company that founded Cirque du Soleil, is joining the project as a strategic partner. Additionally, MBS Group, a Hollywood media firm that annually produces and supports over 1,000 projects across more than 600 studios throughout North America and Europe, has also submitted a letter of intent (LOI) to invest in the project. The engagement of such renowned global companies underscores the project’s competitive edge and potential. However, efforts and practical measures for government-level regulatory reform remain significantly insufficient. To boost investment, timely institutional enhancements and practical implementation are urgently needed, including simultaneous improvements and actions across multiple areas, such as legal and institutional frameworks, financial investment, human resource development, and global partnerships.

In terms of legal and institutional frameworks, support should be broadened by adding clauses for regional cluster designation and incentives under the 「Act on the Promotion of the Content Industry」 and associated legislation. Moreover, to expand the application of cultural industrial complexes, the 「Industrial Site and Development Act」 and associated laws should be reviewed. In terms of tax incentives, consideration should be given to introducing provisions in the 「Restricting Special Taxation Act」 for regional production incentives, partial reimbursement of content investment costs, and expanded tax credits to strengthen domestic and global investment foundations. In particular, attracting investment from major global capital requires a comprehensive review of laws and regulations, along with reform-oriented practical measures.

In terms of finance, along with attracting investment from global companies, there is a need to establish region-specific K-content funds and provide production support and startup funding. Meanwhile, for human resource development, consideration can be given to collaboration with content-focused educational institutions and implementing hands-on training programs for content professionals. Lastly, for global partnership initiatives, promoting glocalized cooperation in international co-productions and collaboration with overseas content providers are required. Furthermore, innovative and diverse initiatives, such as creating airport-linked immersive content experiences or tourism-related content projects, are also recommended.

For the South Korean content industry to sustain its competitiveness, it is important to undertake efforts and practical measures surpassing those of pioneering players. The K-Con Land initiative by Incheon City stands out as an encouraging example, reflecting practical actions aimed at both sustaining the popularity of K-content and reinforcing strategies for its future growth. Moving forward, both central and local governments must collaborate closely to implement plans thoroughly and without deviation, in order for K-Con Land to advance K-content further in the global competition arena.