Promotion of VR Contents

The Korean government will invest a total of 100 billion won (US$86.9 million) in the virtual reality industry along with the private sector by next year.
The Korean government will invest a total of 100 billion won (US$86.9 million) in the virtual reality industry along with the private sector by next year.

 

The South Korean government invests a total of 100 billion won (US$86.9 million) in the virtual reality industry, along with the private sector by next year in order to create and enrich the ecosystem of the industry. The government announced the plan on July 7 at the 10th Trade & Investment Promotion Meeting presided over by President Park Geun-hye. 

At present, South Korea’s virtual reality industry is considered competitive enough in terms of device and network but insufficient when it comes to platforms and contents. In this regard, the Ministry of Science, ICT & Future Planning, the Ministry of Culture, Sports & Tourism and the Ministry of Trade, Industry & Energy are planning to more systematize their projects for virtual reality R&D, digital content creation assistance, virtual training system development and the like. 

Specifically, 60% of the 100 billion won is scheduled to be spent until 2017 on the development of and content creation and overseas business with regard to VR service platforms, VR game experience, VR theme parks, the Screen X and VR-based education and distribution so that the creation of the ecosystem can be facilitated. Each of the government and the private sector invests 30 billion won.

A fund that is specialized in VR is to be raised at the same time. 20 billion won is likely to be raised this year and the same amount next year before investments in venture firms and small and medium-sized enterprises technically capable of VR game development, education, etc. To this end, a fund operator is to be selected among venture capitals before the investments continue for seven years. 

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