By Aisylu Akhmetzianova

Content exports in 2022 broke USD 13.2 billion for the first time.

In a news release on the content industry as of 2022, the Ministry of Culture, Sports and Tourism on Jan. 5 said the value of such exports reached USD 13.24 billion in 2022, up 6.3% from USD 12.45 billion in the previous year.

Over the same period, the figure vastly exceeded those for other flagship export items like secondary batteries with USD 9.99 billion, electric vehicles USD 9.83 billion and home appliances USD 8.06 billion.

The milestone in content exports is expected to have a bigger positive impact on related sectors like manufacturing and services. A study conducted by the Export-Import Bank of Korea said a USD 100 million increase in content exports translates into a USD 180 million jump in exports of consumer goods including cosmetics and food.

In 2022, the content industry generated KRW 150.4 trillion in sales, up 9.4% from KRW 137.5 trillion in 2021. The number of content businesses also rose 5.7% to 115,000 and that of workers 6% to 651,000 over the period.

To support growth in the field, the ministry secured an estimated budget of KRW 1.23 trillion this year. Policy financing of KRW 1.74 trillion has been allocated including the creation of the K-Content Strategy Fund, and the number of business centers abroad for supporting such exports will be raised from 15 to 25.

Minister of Culture, Sports and Tourism Yu In Chon said, "Because K-content is beloved worldwide, we will develop the content industry into a national strategic sector through definitive support."

aisylu@korea.kr