In early March, the South Korean government pledged to invest at least more than $1 billion, or KRW 1.5 trillion. This funding is intended to help solidify the country’s burgeoning animation industry over the next five years. This new initiative aims to address the many barriers the industry faces. The IP opera by theatrical releases, global streaming platforms and the development of IP (intellectual property)-based franchise factories. The industry is currently booming like never before. In 2023, revenues jumped up to $767 million, a 23% increase over 2022.
It’s a great time for the South Korean animation industry! It has far exceeded the growth of the overall content industry, which grew by just 2.1% over the same period. The government’s ambitious plan aims for a revenue target of upwards of $1.3 billion (KRW 1.9 trillion) by 2030. The exports of animated content are projected to increase from $120 million to $170 million over that same time period.
New Initiatives to Attract Investment
The South Korean government is making big moves to stimulate growth. They will bring forward a new cash rebate scheme targeted at international co-productions with the animation industry. This new program will pay back a percentage of the project’s production costs if the project clears certain domestic production goals. In other words, the government is dangling huge incentives to draw foreign investment. Their hope is to draw in additional international partners that will promote the worldwide growth of South Korean animation.
In addition, South Korea intends to launch national pavilions at major animation markets such as China and Southeast Asia. This latest strategic move aims to fortify overseas expansion and to encourage the consumption of South Korean animated content on international platforms. Recent U.S. government commitments to international outreach. This commitment is significant, as it reflects that they understand the industry’s potential and the increasing demand for diverse content in markets around the world.
Recent Successes Highlight Industry Strength
Recent hit shows produced in South Korea have highlighted its increasingly important role in the animation industry. Produced by Buena Vista and directed by Jang Seong-ho, the faith-based animated film The King Of Kings debuted in second place at the U.S. box office in mid-April. It has since grossed over $194 million across the globe. Another notable release, Heartsping: Teenieping Of Love, debuted in August 2024, drawing 1.24 million admissions and generating $7.7 million. It has become South Korea’s second-highest-grossing animated film, surpassing the success of 2011’s Leafie: A Hen Into The Wild.
These films exemplify the shift within South Korea’s animation industry as it moves beyond traditional pre-school content and TV-centric formats. The increasing number of animated box office hits indicates a robust demand for diverse storytelling and quality animation in both domestic and international markets.