The South Korean Government has allocated KRW298.5bn (€224m) to support independent artists and small tourism businesses.
“Through government support funds, we hope to vitalise the industries that are hit by COVID-19,” said the Culture Ministry in a statement. “We also want to help of small start-ups grow into real businesses.”
The money breaks down into several funds. The ‘content creator’ fund is worth KRW144bn, with the Ministry stating that a further KRW71bn could be added from the private sector.
Of that total, KRW25bn has specifically been set aside for COVID-related claims, while a further KRW30bn will go to artists working in the subscription and video-on-demand sectors.
Finally, the Culture Ministry said it will invest at least KRW45bn into the tourism industry, with potentially a further KRW20bn being invested at a later date.
The money will be distributed by the Korea Venture Investment Corp (KVIC). Details on how to apply for funding will be published on KVIC’s website in the coming weeks.