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The South Korean government plans to build a new development dedicated to all things entertainment — including film and TV production, K-pop incubation, and gaming — in order to create a cultural hub and jumpstart tourism.
The Big Picture: Korean content has exploded in popularity all around the world. By building its own version of Hollywood, South Korea seems to be betting on entertainment as a key export for future growth — both culturally and economically.
Behind the Curtain: South Korea’s Hollywood could be ready for action by 2035, if production goes as planned.
- The 3.3-square-kilometer development will house specialized schools, production facilities, and replicas of Joseon dynasty palaces that can be used for production.
- The still-unnamed “giant entertainment city,” according to culture minister Yu In-Chon, hopes to specifically attract tourists from China and Japan.
Closing Thoughts: South Korean entertainment generated $114 billion in revenue last year, so the country wants to capitalize on the exploding industry, which also includes establishing a $75 million fund with international VCs to invest in content. Considering the positive reputation of South Korea’s unique content and talent in Hollywood, top filmmakers from all over the world may flock to the new city to get risky projects produced.
Go Deeper: Saudi Arabia is also building its own entertainment-focused city — Qiddiya.
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