South Korea Plans $1 Billion investment in Animation Industry by 2029

The South Korean government has launched a comprehensive five-year plan to elevate its animation industry with an investment of up to $1 billion by 2029, starting with a $140 million animation fund this year. The initiative aims to diversify content beyond preschool and TV-centric offerings, focusing on young adult audiences, theatrical releases, global streaming platforms, and adaptations from popular webtoons and novels. Structural challenges will be addressed through improved production conditions, talent training, and support for localization efforts such as dubbing and subtitling. International expansion is a key priority, with new cash rebate incentives for co-productions primarily made in Korea and increased participation in Asian animation markets. The plan also emphasizes the integration of AI technologies to boost production, distribution, and IP-driven spin-offs. Recent box office successes, such as 'Heartsping: Teenieping of Love' and 'The King of Kings,' underscore the sector's growth and global potential.