K-wave AI News

Hello and welcome to your AI guide to the latest cultural updates from Korea. Here's our top story.

The culture ministry will establish a "K-content fund' worth around 600 billion won, or roughly 413 million U.S. dollars this year to attract domestic and foreign investment in the content industry.

This initiative includes a 345 million-dollar K-Content & Media Fund to drive large-scale domestic investment, and a 69 million-dollar "Global League Fund" to attract foreign capital.

As part of efforts to further support K-content exports, the ministry will expand the number of overseas business centers from the current 25 to 30.

Nearly 70% of the ministry's annual budget will be allocated in the first half of the year to ensure swift policy implementation.

Korea's art auction market saw an overall downturn last year, with increased polarization.

According to the Korea Art Authentication & Appraisal Research Center, total sales from nine major domestic auction houses reached roughly 113 billion won, or around 78 million U.S. dollars, a 25% drop from the previous year.

High-value pieces accounted for about 22% of total sales.

The center attributed the market slowdown to the global economic downturn and political uncertainties, highlighting a widening gap between high-end and mid-to-lower-priced artwork transactions.

Chungju City in Chungcheongbuk-do Province is now inviting applications for an extended-stay tourism program, 'Only Stay Our Chungju.'

The program will offer partial travel support for five selected teams, covering accommodation and activity costs for a seven-day trip in the city.

Individuals can receive up to 370,000 won, or roughly 255 U.S. dollars, while groups of four can apply for up to one million won, or nearly 690 dollars.

People living outside Chungju who are passionate about promoting Chungju's tourist attractions on social media are eligible to apply.

Don't miss out—applications close next Monday! For more details, visit the city's website.

That's all for now. Keep it tuned to the Kulture Wave.