KT plans content development fund

KT, Korea’s second-largest mobile carrier, said Monday that it plans to set up a fund to invest in the development of content such as animation, games and music by small and medium-sized firms.

Speaking at a news conference, KT chairman Lee Suk-chae said the company will allocate around 100 billion won ($89 million) to the fund, which will be established by the end of this year and be operated for content development over the next three years.

The company plans to allocate some 20 billion won of its own, while raising the rest of the capital from broadcasters, TV production companies and content producers.

KT said further details of the fund are to be announced.

The move is part of efforts by KT to become a global media content distribution group.

Chairman Lee said the establishment of the fund is one of the five pledges the company made to revitalize the “content eco system.”

The other promises include to support the advance of individuals and small firms into global information content markets.

By Park Hyong-ki (hkp@heraldcorp.com)