Governmental Promotion
The Ministry of Science, ICT and Future Planning (MSIP) has established a plan to nurture the local smart media industry to until it grows to 14 trillion won (US$13.2 billion) by 2020.
The decision is attributable to the fact that N-Screen services such as over-the-top (OTT) services, where it is possible to use broadcasting service using a USB dongle, are expanding with the expanding use of mobile devices. It is also due to the fact that new smart media industries such as digital signage and smart home industries are in the spotlight as new growth engines.
The MSIP held a public hearing on its plan for the development of the smart media industry at Gwacheon National Science Museum on Oct. 15, saying that it will increase the size of the local smart media market from 2.7 trillion won (US$2.5 billion) to 13.8 trillion won (US$13.0 billion) by 2020. Under the plan, the number of people working in the related industries is expected to increase from 26,000 to 136,000.
In addition, the Ministry is planning to double the share of the global broadcasting market from 2.6 percent to 5.0 percent in order to enhance the nation's competitiveness in technology. The country's current competitiveness level is 70 percent, while the goal is 95 percent. It also plans to foster two platforms that could be used in smart media around the world.
Smart media refers to OTT services like YouTube and Netflix, wearable devices, next-gen immersive media that provides emotive information, digital signage, and smart homes. The government agency said that so far, the legal status and system of smart media has been unclear and inadequate, but it will implement a policy aimed at nurturing the industry to bring about production inducement effects of 84.2 trillion won (US$79.2 billion) by 2020.
Specifically, smart broadcasting, digital signage, social media, and cyberspace media were selected as core platforms. The Ministry also established a mid-long term strategy for the research and development (R&D) of technology mainly in immersive media, emotive media, and sympathetic media.
The MSIP is planning to invest 207.1 billion won (US$194.9 million) in the R&D of major smart media platforms and related technology by 2020.