Culture ministry to provide up to W300m to 10 agencies each year
The Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency have launched a new initiative aimed at helping K-pop agencies expand into overseas markets, the organizations announced Tuesday.
The support program for small and mid-sized agencies to globally launch their artists is being introduced for the first time this year as part of efforts to promote the sustainable growth of the K-pop industry.
Ten groups were selected as the inaugural beneficiaries of the program: Rescene, Xikers, Tunexx, Kiiras, Can’t Be Blue, 82Major, Big Ocean, Uspeer, X:In and 8Turn.
Under the initiative, the ministry plans to select 10 agencies annually and provide each with up to 300 million won ($198,000) per year. Companies that demonstrate strong performance can continue receiving support for up to three years through an evaluation process.
Unlike existing support programs that focus on specific areas such as album production or live performances, the new initiative allows agencies greater flexibility in determining how to use the funding based on their own business strategies and overseas expansion plans.
Participating companies may allocate the funds toward projects including export-oriented album and music video production, overseas marketing and promotion and concerts and other international activities.
The selected artists are expected to pursue a range of overseas initiatives through the program.
Five-member girl group Rescene, which recently drew attention online for the viral success of member Woni’s personal YouTube channel, plans to focus on activities in Japan and the US. After performing at KCON Japan in May, the group is scheduled to appear at KCON LA in August.
Boy group Xikers plans to strengthen its presence in Japan through the release of a new EP and a unit project, while Tunexx is preparing activities targeting the Indian market. Kiiras will focus primarily on expanding across Asian markets, including Southeast Asian countries such as Malaysia.
Meanwhile, Can’t Be Blue, the only indie band selected for the program, plans to build its overseas fan base through concerts and promotional activities abroad.
“The K-pop industry has established itself as part of the global mainstream, but for sustainable growth, small and mid-sized agencies — which are the backbone of the industry — must also be able to grow, said Choi Sung-hee, the ministry’s director general for content and media policy. “We hope this new program will help create more success stories among smaller companies and contribute to the future growth of K-pop.”
lee.jungjoo@heraldcorp.com
