As reported by Variety, the South Korean Ministry of Culture, Sports, and Tourism has announced its expansive plan to foster the expansion of its comics and webtoon industry.
This follows a substantial growth of the industry by 23% in 2022 to reach KRW 2.624 trillion per the report. By breaking past USD 100 million for the first time, its foreign expansion helped its exports climb by KRW 107.64 million, cementing the industry as a rapidly expanding sector and propelling future growth for Korean content.
Over the past two decades, webtoons have inspired many scores of Korean TV series and films. The whole industry has received a major boost from the South Korean government.
Yu In-chon, minister for culture, sports, and tourism, said that the government will foster webtoon platform development, launch a major webtoon festival in the autumn of this year and by 2027 open a school dedicated to the emerging genre.
Yu said that he wants to boost Korean webtoon platforms. Korean companies Naver and Kakao are already market leaders, and they have attracted international financial support. Both platforms have established several overseas operations with different business models catering to local markets and audiences. Other big companies are also investing in the sector.
Yu believes that comics and webtoons will grow into a new cornerstone of Korean content, succeeding K-pop, K-dramas, and games. The ambitious drive encompasses the following major initiatives:
- To establish a premium national network for webtoons and comics similar to Netflix.
- New firms will receive assistance for expansion to overseas markets and consultation upon admission.
- A global event showcasing the appeal of Korean webtoons and comics will take place.
- A range of training programs will be developed based on the Korean Academy of Film Arts and the Game Institute. Beginning in 2027, a talent academy for comics and webtoons will be included in the curriculum. This year, industry-specific education will be accessible.
- An innovative program for training job-specific specialists is in the works.
- Next year, an exclusive program dedicated to cultivating creative talent will debut. Establishing a center to provide editing and translation services, as well as training translators with specialized knowledge of webtoons, will be promoted concurrently.
- An avant-garde international comics and webtoon festival in South Korea in autumn will be organized. The program will unite consumers, creators, and industry players.
- The “International Cartoon and Webtoon Awards” (working title) will be hosted to honor notable works and recognize industry experts.
Finally, the program calls for creating a comprehensive support system alongside an overhaul of the industry-focused legal system, to reinforce the entity and enhance its credibility and growth. It includes implementing new legislation for the comics and webtoon industry, establishing business networks, and implementing self-assessment tools.
Navkiran Dhaliwal is a seasoned content writer with 10+ years of experience. When she's not writing, she can be found cooking up a storm or spending time with her dog, Rain.