The Ministry of Korean Culture and Tourism includes 82MAJOR's company, Great M Entertainment, among small and medium sized KPop companies to receive support funding of approximately 300M won each (=200k USD)
#82MAJOR #82메이저 @82MAJOR_231011
Other recipients include companies of RE:SCENE, xikers, Big Ocean, X:IN, 8TURN, TUNEXX, can't be blue, Kiiras, and USPEER
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"This project comes from a concern regarding the concentration of the K-pop market in the hands of large corporations. While total K-pop exports are growing rapidly in the global market, with a 32.4% increase this year compared to 2024, the average annual music production cost for large corporations was 43.1 billion won as of 2023, whereas it amounted to only 1.49 billion won for small and medium-sized enterprises (SMEs)."
"The government has decided to select 10 capable small and medium-sized entertainment agencies each year to provide up to 300 million won annually. Continuous support may be provided for up to 3 years, depending on performance. It is characterized by a design that moves away from the existing compartmentalized support system which is only for specific categories such as album production or live performances. This allows agencies to freely choose how to use funds for areas necessary for overseas expansion"
"Choi Seong-hee, Director General of Content and Media Industry at the Ministry of Culture, Sports and Tourism, stated, "K-pop has been established as mainstream culture around the world. But for its growth to be sustainable, small and medium-sized entertainment agencies, the backbone of the industry, must also be able to grow." adding, "I hope that another 'miracle of small and medium-sized enterprises' will be born through this project."
Sources:
newspim.com/news/view/202606…
mcst.go.kr/site/s_notice/pre…