Lee calls for tax breaks, safety net for content artists

President Lee Jae Myung on Monday called on the country to ease the tax burden, ease regulations and strengthen the safety net for artists and companies in South Korea's creative industry, in his latest move intended to capitalize on the worldwide popularity of South Korea-made content.

Lee asked his secretaries to monitor policy development to support the growth of the creative industry — ranging from music, drama series and movies to food and beauty products, among others — saying that the future of South Korea lies in the success of the country's popular culture.

"We are entering the early stage of becoming a (popular) culture industry powerhouse," Lee said, as he presided over a meeting with his secretaries in his office in Seoul.

"The world is looking up to K-pop, K-drama, K-movie and, beyond that, K-food, K-beauty and K-democracy," he said. "In order to bear the fruits of the K-culture, we need a comprehensive measure to encompass the cultural ecosystem."

The comment came at Lee's first meeting with his presidential secretaries since the long Chuseok holiday last week.

Lee did not elaborate on what support his administration could provide during his opening remarks, but the administration's five-year policy blueprint in August suggested greater tax deductions for content creators and webtoon artists, strategic state support for the domestic creative industry and increased welfare for artists.

Presidential spokesperson Kim Nam-joon said in a briefing to reporters after the meeting that Lee also ordered his aides to devise support for those dedicated to fine art, book publication and literature. According to Kim, Lee instructed that South Korean diplomatic missions develop strategies for managing culture-related policies, aiming to streamline workflows tied to state support.

Kim also highlighted the Lee administration's 8.8 percent budget increase proposal in the culture-related state budget for next year to 9.6 trillion won ($6.72 billion), which stands in contrast from the 1.1 percent cut during the tenure of Lee's predecessor, Yoon Suk Yeol, from May 2022 to April, which led to what the spokesperson referred to as "the missing of the golden hour for K-culture to flourish."