This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:05 p.m. on Jun. 19, 2026.
The Ministry of Culture, Sports and Tourism will begin reviewing an overhaul of the policy finance supply system, including the possibility of establishing a dedicated policy finance institution for the content industry, the "Culture Policy Finance Corporation." The move reflects concern that as the content industry has grown larger and more expensive, the existing support system centered on the Mother Fund alone cannot meet the surging demand for capital.
On the 19th, according to the investment banking (IB) industry, the Ministry of Culture, Sports and Tourism will launch a study on a "plan to restructure content policy finance governance." However, it has not yet decided to establish the Culture Policy Finance Corporation, and it remains closer to an initial phase of re-examining the overall content policy finance supply system. The study will examine not only the creation of a separate policy finance institution but also options to revamp the supply system using existing institutions.
The Ministry of Culture, Sports and Tourism (MCST) initiated the study based on the view that funding demand in the content industry has grown to a fundamentally different level than in the past. According to the request for proposals (RFP), the MCST assessed that despite the global spread of K-content, the current policy finance system is showing structural limits. The existing policy investment framework centered on the Mother Fund has constraints in terms of investment scope and size, and investment and loan functions are dispersed, while the financial sector's expertise in the content field is also insufficient, it said.
It cited as a key backdrop that the content industry is being reorganized around large-scale capital input. Production costs for the game "LOST ARK" are estimated at about 150 billion won, and production costs for "Squid Game" seasons 2 and 3 are estimated at about 100 billion won, illustrating how content production budgets are expanding into the tens to hundreds of billions of won. In contrast, concerns are being raised that the scale of policy finance is not keeping pace with this speed of change.
The Ministry of Culture, Sports and Tourism (MCST) analyzed that while annual production costs in the domestic broadcasting and video sector reach about 3.8 trillion won, annual investment by the Mother Fund's culture and film accounts remains around 150 billion won. With overseas capital's investment in Korean content estimated at more than 1 trillion won annually, the view is that the role of policy finance needs to be redefined.
Industry observers say the study is a preliminary step to fine-tune the entire content finance system. Currently, content policy finance—including the Mother Fund, guarantees, and loan support—is dispersed across multiple institutions. In contrast, because the content industry, unlike general manufacturing or traditional venture firms, must decide on investment based on the value of intellectual property (IP) and its box-office potential, calls have been steady for a more specialized financial support system.
Another factor behind the discussion is that global over-the-top (OTT) platforms and foreign investors have recently emerged as key capital suppliers to the domestic content market. As the core of competitiveness in the content industry shifts from production capabilities to fundraising capabilities, voices are growing that a policy finance system tailored to the industry's characteristics must be built.
The scope of the study includes reviewing the feasibility of establishing a specialized policy fund management institution, along with ways to expand investment scope, concentrate financial functions, and strengthen expertise. It will also conduct comparative analyses of other policy finance institutions such as Korea Venture Investment Corporation, Agricultural Policy Insurance & Finance Service (APFS), and Korea Credit Guarantee Fund (KODIT), as well as overseas content finance support systems.
A venture capital (VC) industry official said, "As the content industry has shifted from small and mid-sized projects to one centered on large IP and global platforms, financial demand is expanding rapidly," and added, "The fact that the government has placed the need for a specialized content finance institution on the official research agenda can be seen as the start of a full-fledged review of building separate financial infrastructure suited to the industry's characteristics."