To strengthen the global competitiveness of K-contents, eleven organizations will pool their resources to create a strategic fund worth approximately 600 billion won, or over 454 million U.S. dollars.

The Ministry of Culture, Sports and Tourism and the Ministry of Science and ICT announced Wednesday that they signed an agreement with policy finance institutions and content and media companies to form and cooperate on the “K-content media strategic fund.”

The agreement involves eleven organizations including the two government ministries, as well as Korea Broadcasting System(KBS) and other media outlets.

The participating organizations will take part in projects such as strategic fund investment, policy and industry consulting and investment projects.

The government explained that the fund's creation takes into account the recent changes in the content industry, such as the emergence of OTT platforms and the growing competition for securing capital and intellectual property(IP).