Contents

Acknowledgements iii

Abbreviations and acronyms iv

INTRODUCTION 1

I. THE PURPOSE OF CULTURAL POLICY AND

THE RATIONALE FOR GOVERNMENT SUPPORT FOR THE ARTS 3

II. OVERVIEW OF THE CONTENT-BASED INDUSTRY .9

A. Global market trends 10

B. Content-based industry trends in the Republic of Korea 12

III. POLICY OF THE GOVERNMENT OF THE REPUBLIC OF KOREA FOR

THE CONTENT-BASED INDUSTRIES 15

A. Public policy for the growth of the content-based industry 16

B. Copyright policy to incentivize creators and protect copyrighted works 18

C. Financial incentives 22

D. Institutional framework 23

1. Legislative framework 23

2. Governance 25

CONCLUSION AND IMPLICATIONS .27

Endnotes 33

References 37

Annexes

1. Top 25 economies with largest revenues in the content-based industries 43

2. Trends in the content-based industry of the Republic of Korea, 2016–2020 44

Boxes

1. Overview of the growth of the Korean wave or Hallyu 14

2. Success factors driving the popularity of the Korean wave or Hallyu 17

3. Brand power of the Republic of Korea associated with the Korean wave or Hallyu 26

Figures

1. Global market size of the content-based industries 10

2. Global market size of the animation, film, and music industries 11

3. Total sales, exports, and employment in the sectors of the Republic of Korea content-based industry . 13

4. Intellectual property rights and copyrights trade balance 14

5. Timeline of policy measures, domestic sales and exports of content-based industry in

the Republic of Korea 16

Tables

1. Size of the global content-based market 12

2. Illustrative measures on copyright 19

3. Main revisions of the Copyright Act in the Republic of Korea 21

4. Laws related to the content-based industry in the Republic of Korea 24