South Korea's culture ministry and the U.S. Motion Picture Association (MPA) have co-hosted a forum to discuss ways to expand exchanges and cooperation between the two countries' video content industries, the ministry said Friday.
Six global film studios and streaming services affiliated with the MPA -- Paramount, Warner Bros. Discovery, NBCUniversal, Sony Pictures, Walt Disney and Netflix -- attended the Global Creative Industry Leadership Forum held at the MPA building in Washington, D.C. on Thursday (local time).
The six companies together account for 77 percent of the world's movie and video market and 45 percent of the global streaming market.
South Korean President Yoon Suk Yeol (R) converses with Charles H. Rivkin, chairman and CEO of the U.S. Motion Picture Association (MPA) during the Global Creative Industry Leadership Forum at the MPA building in Washington, D.C. on April 27, 2023.
On hand at the forum from South Korea was Korean entertainment giant CJ Group executive Lee Mie-kyung, and representatives from six video content companies, including SLL, Watcha and Astory. Actor Lee Seo-jin, best known for his roles in such reality TV shows as "Three Meals a Day" and "Grandpa Over Flowers," also took part.
The participants discussed strategies for expanding human exchanges and joint production between the video content industries from the two countries and increasing U.S. investment in the Korean content industry, according to the ministry.
The ministry views the event as an opportunity to open new doors for the Korean content industry, which has struggled to advance in major markets, such as the U.S. despite its strong competitiveness.
"'Culture and K-video content' has been another keyword for President Yoon Suk Yeol's state visit to the United States, along with security and economy," Minister of Culture, Sports and Tourism Park Bo-gyoon said during the forum. "It is rare for MPA executives and six global video content companies to gather at one place during a president's state visit. It's a scene that reflects the high global status and influence of K-video content."
Park also explained the sustainability and potential power of the content and asked the leaders of the American companies to actively invest in the Korean content market.
South Korean President Yoon Suk Yeol (C) speaks during the Global Creative Industry Leadership Forum held at the main building of the U.S. Motion Picture Association in Washington, D.C. on April 27, 2023.
In response, the U.S. companies explained their plans to invest in the production of over 45 Korean titles this year and to strengthen cooperation with the K-content industry and creators.
Netflix had previously announced Monday, the first day of Yoon's state visit, that it will invest US$2.5 billion in the Korean content industry, including Korean TV dramas and movies.
After the forum, two government agencies affiliated with the culture ministry -- the Korea Creative Content Agency and the Korean Film Council -- signed a memorandum of understanding with Netflix to foster young talent in the Korean content industry and spread Korean culture.
Source: Yonhap News Agency