The King of Kings

Source: Angel Studios

‘The King of Kings’

South Korea’s animation industry is to receive more than $1bn (KRW1.5tn) in government support over the next five years in a bid to address challenges in the sector, focussing on theatrical releases, global streamers and IP-powered franchises.

The Ministry of Culture, Sports and Tourism launched its “Basic Plan for the Promotion of the Animation Industry” today (April 24), which will invest in the sector through 2029.

The initiative signals a critical pivot in Korean animation, moving beyond its traditional focus on pre-school content and TV-first formats. The new strategy emphasises theatrical releases, global streaming platforms, and franchises based on IP. It aims to address longstanding structural limitations, including a narrow audience base, a broadcast-dominated ecosystem, and low production budgets.

In 2023, Korea’s animation industry generated $767m (KRW1.1tn) in revenue, marking a 23% year-on-year increase — far outpacing the 2.1% growth of the broader content sector. By 2030, the government aims to boost that number to more than $1.3bn (KRW1.9tn), with exports rising from $120m to $170m.

The government’s plan follows a rise in the number of Korean animated box office hits. Colourful fantasy feature Heartsping: Teenieping Of Love took $7.7m from 1.24 million admissions following its release in August 2024, going on to become he country’s second-highest-grossing animated film after 2011’s Leafie: A Hen Into The Wild.

More recently, faith-based animation The King Of Kings, directed by Jang Seong-ho, opened in second place at the US box office in mid-April and has taken more than $52.5m worldwide to date. Meanwhile, Netflix is set to launch its first Korean animated feature Lost In Starlight on May 30.

The Culture Ministry also announced plans to launch a $140m (KRW200bn) animation fund this year, with the goal of expanding it to $1bn (KRW1.5tn) over five years. A new cash rebate system will reimburse part of the production costs for international co-productions that meet domestic execution benchmarks — an incentive designed to attract foreign investment into Korean animation projects.

To further strengthen overseas expansion, Korea will debut national pavilions at major animation markets across China and Southeast Asia, the ministry said.

Localisation support — including dubbing, subtitling, and regional marketing — will be managed through the government’s global network of Korean Cultural Centres and K-Content Business Hubs.

The ministry also announced the development of an AI-based production ecosystem, including government-funded Korean-style training datasets for video content. A new policy framework will support virtual humans, AI-generated shorts and emerging media formats.

In partnership with universities and creative institutions, the ministry is working to train a new generation of animation writers, producers, and AI-savvy creators. The ultimate goal is to build a full-spectrum content pipeline — from IP conception and storytelling to global distribution and franchise merchandising.

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