MIC to Kickstart Digital Content Industry for Global Marketing
To jumpstart the digital economy, the Ministry of Information and Communication said it will inject 50 billion won into the digital content business and lay a foundation for the industry at large.
The ministry said the demand for digital content is growing at a breakneck pace as high-speed Internet services are widely available and offline media are converging on the Net.
Digital content refers to a variety of information including online education, digital publishing, computer games, video files and other multimedia data.
The global market size for digital content will reach $165 billion, the ministry while the Korean market was valued at 227.9 billion won last year.
``Most digital content providers are struggling with tiny advertising revenues and weak business models. What's worse, there are few companies which generate more than 10 million won in monthly revenue,'' said a ministry official.
Another underlying problem, he added, is that there are few English-language sites in Korea even though about 90 percent of the entire Web content is in English, indicating the absence of a global strategy.
What's worse, industry information, statistics and technology trends are scarce, hindering players from forecasting the future movement of the global content industry.
The ministry said it will support high-quality content providers and help them translate their sites into English versions for overseas users.
In particular, the ministry is pushing ahead with the establishment of a company which specializes in converting Korean content into English for overseas Web marketing. …