S. Korea to create 26 billion won fund for digital media creators

South Korea will set up a fund worth 26 billion won to support the country's small and midsized digital media companies and one-person media.

According to the country's Ministry of Science and ICT, the fund would support the country's growing digital media industry as it addresses the pandemic-induced increase in consumption of new media platforms globally, such as video streaming services.

The investment would also support efforts to enter overseas markets.

Out of the 26 billion won fund, 16 billion won would come from the government while the rest would come from the private sector.

The K&Investment Partners Co. would operate the four-year fund, set to be launched by March next year.

With the pandemic limiting outdoor activities, video streaming services and content consumption enjoyed rapid growth throughout the past year.

According to market tracker IGAWorks, South Koreans spent nearly 30 hours on average on YouTube in September.