The Ministry of Culture, Sports and Tourism (MCST) has finalized next year’s budget at KRW(Korean won) 6.9545 trillion. This is a decrease of KRW 251 billion from the government’s proposed budget but a 3.17% increase from the 2023 budget. The MCST budget supports a wide range of sectors but particularly focuses on expanding support for content (publishing, comics, music, games, movies, animation, broadcasting, advertising, characters, knowledge information, and content solutions) and regional cultural initiatives.

In the visual arts sector, the government will support Korean artists in exploring overseas markets. A new budget of KRW 4.7 billion has been allocated to organize special exhibitions at major events to support the expansion of visual arts overseas and promote Korean art. In particular, KRW 1.7 billion has been allocated for the ‘K-Art Special Exhibition’ to commemorate the 30th anniversary of the Korean Pavilion at the Venice Biennale.

The Art Promotion Act, which has been a longtime desire of artists, has been passed. On the 21st, the MCST, in collaboration with the Korea Arts Management Service, held a briefing session on the Art Promotion Acts and 2024 Art Projects to guide the upcoming Art Promotion Law and the budget and various open competitions determined for art promotion in 2024.

Next year’s government budget for art promotion will significantly increase from this year. Support for emerging artists has increased to KRW 4.75 billion, an increase of approximately KRW 3 billion to this year’s KRW 18.95 billion. Support for the art industry, including art distribution, has risen to KRW 12.726 billion, an increase of KRW 4.9 billion from this year. The budget for enhancing public access to art has also increased to KRW 4.643 billion, nearly KRW 900 million more than the 2023 budget.

The establishment of the Art Promotion Policy System is scheduled for July 2024 (one year after promulgation), and the inclusion of the currently freelance-operated art industry into the institutional framework will occur in July 2026 (three years after promulgation). Additionally, the introduction of resale compensation rights to protect artists’ rights is set for July 2027 (four years after promulgation).