SEOUL, SOUTH KOREA, May 12, 2021 – As K-content, including the film Parasite and Minari, is gaining traction worldwide, Seoul city’s Seoul Partners House is picking up steam as a growth incubator for Korea’s cultural content.
Broccoli Pictures, which became one of the tenant Small and Medium-sized Companies (SMEs) of the Seoul Partners House in 2018, co-produced the film Voice of Silence in 2020. The movie starring Yoo Ah-in was invited to compete at the Glasgow Film Festival in the UK and the Fribourg International Film Festival in Switzerland.
Another content company, Cinnamon Company, won an exclusive business contract with the animation BabyBusin 2019. Currently, the company is expanding its territory to the global market by using the BabyBus characters in the performingarts, publishing, and design industries.
The tenant SMEs at the Seoul Partners House recorded KRW 12 billion in sales last year, despite COVID-19.
The sales record of 2020 was up 21% from the previous year’s KRW 9.9 billion.
Also, the companies successfully attracted increased investment from the private sector. The private investment in 2020 was KRW 3.4 billion, up 41% from KRW 2.4 billion of 2019. The SMEshired 33 additional employees, and the accumulated number of their IP registration, which is the key of the content industry, logged206.
The Seoul Partners House was established in 2009 when the incumbent Mayor Oh Se-hoon was in office. The House was initially planned to be an official residence for the Mayor of Seoul, but the Seoul Metropolitan Government(SMG) decided to make it a business place dedicated to SMEs. Since April 2018, the House has been providing offices to cultural content companies. For now, there are 19 tenant companies inthe House.
In addition to offering places to its tenants, the SMG is also running essential growth support programs by analyzing each company’s demand. In a bid to reinforceSME’s investment invitecapacities, the city is offering comprehensive support encompassing IR andbusiness consultingas well as tenant networking.
Companies seeking to join the Seoul Partners House can apply by Wednesday, May 26, as the capital government welcomes16 new tenants this year. The first generation companies which entered the House in 2018 are not about to “graduate” after three years of journey with the city.
Kim Eui-Seung, Deputy Mayor for Economic Policy of SMG, said, “over the last three years, Seoul Partners House has developed into an incubator for startups that lead Seoul’s cultural content industry. The metropolitan government promises to develop useful programs for the benefit of cultural content industry and startups, and thus systematically support the advances of content companies.”