Seoul to increase funding for TV series to repeat the Squid Game success
The South Korean government has decided to expand state support for the creators of TV series in order to repeat the success of its sensational Squid Game in 2023 – as reported by the Yonhap agency with reference to the country’s Ministry of Culture, Sports and Tourism
As reported, the Ministry has provided medium- and long-term plans to support the sector, and the market volume of South Korean TV series in terms of sales revenue is expected to grow from $18bn in 2022 to $24bn in 2027.
This year, nine series worth $7.4m have been financed by the state budget, and the government plans to support 18 projects in the amount of $30m in 2023.
In addition, South Korea wants to allocate $6m for training and retraining of specialists against the background of a shortage of personnel in the fast-growing sector of streaming services, since the country wants to promote domestic production companies and show their products on local streaming services in order to compete with such global giants as Netflix.
The South Korean Squid Game series – released on Netflix in September last year – received a record number of views in the first four weeks: 1.65bn. This made the film the most popular project on the platform.
