Seoul Business Agency: The Little Office in Seoul that Wields a lot of Power
By Chris Weatherspoon
Over the past several decades, Korea has invested heavily in its creative industries. The results have been nothing short of extraordinary, with Korean pop culture, also known as Hallyu or the Korean Wave, becoming popular with audiences worldwide. Those that have frequently worked with Korean companies are probably already familiar with agencies like the Korean Creative Contents Agency (KOCCA) and the Korean Film Council (KOFIC). These agencies provide support to content creators across various fields, offering funding, resources, and opportunities for international exposure. However, Korea has another powerhouse agency that has an almost limitless number of resources at its disposal but may not be well known to many: the Seoul Business Agency (SBA).
To gain a deeper understanding of the Seoul Business Agency (SBA) and its role in the Korean content creation industry, Breakthrough Now Media sat down with Daehyun JEON (전대현), General Manager of the Creative Industries Division of the SBA. In Part 1 of our exclusive interview with Mr. Jeon, we explore the SBA's mission, its expanding focus, and its strategies for promoting Seoul as a global content hub.
General Manager of the Creative Industries Division of the Seoul Business Agency, Daehyeon JEON
The SBA's Mission and Reach
Mr. Jeon explains, "The Seoul Business Agency provides support for various sectors and activities related to Seoul's economy." Indeed, the SBA is a major player in Seoul's economy, acting as a hub that helps to spark innovation and growth across a wide range of sectors, including startups, technology, beauty, gaming, fashion, and the city's content creation industry. With a particular focus on small and medium-sized enterprises, startups, and content creators, the SBA plays an important role in supporting investment and incubation of the next generation of Korean talent.
From Animation to All Content
In South Korea, each province has its own agency or commission that promotes content creation. The division that Mr. Jeon heads, Creative Industries, essentially functions as the content agency for Seoul. Many people know of the SBA through its operation of the Seoul Animation Center, which actively supports Seoul’s animation industry by connecting studios to promotion, funding, and international partners. However, SBA has expanded to encompass all areas of creative content creation. “We opened in 1999,” said Mr. Jeon “until 2021, we supported four major industries…comics, animation, characters, and games. However, recently, trends have changed a lot, and Seoul's cultural content is not limited to those things, so we are working with all types of content.” Today, the SBA's support extends to a diverse range of content, including webtoons, web novels, dramas, movies, music, and even the growing field of '1-person media’. In fact, a major part of the SBA’s strategy is the focus on IP rather than format. “We have been thinking about what is needed to sustain the Korean Wave for the next 10 years,” said Mr. Jeon ”…and we have chosen IP as our theme, and among those IPs, we are focusing on the story.”
To strengthen this initiative the agency has established specialized academies where aspiring writers and artists can receive mentorship from accomplished, successful professionals.
SBA media sites: Myeong-Dong: 1. Creator’s Academy 2. Jaemi-ro 3. Contents Factory
Digital Media City: 4. 1-Person Media Studio 5. Media Contents Center 6. E-sports Stadium 7. Game Contents Center
Building Bridges
A key mission for the SBA is helping Korean creators access global markets. This philosophy of making connections is central to the agency's approach, both domestically and internationally. “We help some of the works that are created here go global by directly uploading them to platforms like Apple Books or connecting creators with international OTT services and publishers,” Mr. Jeon explained. The agency also understands the value of making connections within the industry, believing that "new business is created by meeting people," whether they are from the animation, webtoon, or web novel sectors.
The SBA often uses the Seoul Partner’s House for social and networking events.
This social approach to creating new business also applies to the agency’s efforts to expand its global reach. The SBA is building a comprehensive database of Korean content creators. The agency hopes that this will make it easier for international agencies and buyers to connect with Korean talent, making collaborations more accessible and efficient. Additionally, the SBA promotes Seoul as a global content hub through events like e-sports event GamEsportSeoul, the Seoul Promotion Plan (SPP) content market, the League of Legends Championships for Korea and the Global Webtoon Festival. The SBA also runs SEOULCon, a large conference dedicated to influencers. Aware of the shifting media landscape and the growing influence of new media platforms and influencers. Mr. Jeon shared that the agency has already partnered with over a thousand YouTube-related members and hosted events with thousands of creators from around the world. "The reason we are working with them is that when our content is created, they will promote it, helping it go viral around the world," he explained.
SeoulCon, a conference for influencers and SPP, one of Korea’s largest content markets are just two of the events organized by SBA.
Funding the Future
Seoul’s position as Korea’s economic hub provides the SBA with unparalleled access to a wealth of funding sources. Mr. Jeon recognizes that "investment is a very important part" of the creative ecosystem, and the SBA is working to address the challenges creators face in securing funding. One key initiative is the establishment of an investment council, a platform designed to connect content creators directly with potential investors. "In Korea, there are about 35 VCs that invest in cultural content... we've brought in about 23 of them as a consultative body," Mr. Jeon stated. Beyond facilitating these connections, the SBA is committed to sustainable industry growth, emphasizing the need to expand the overall market and ensure fair compensation for creators. To achieve this, the agency is always looking for opportunities to bring in foreign investors and distribution partners, broadening the reach and potential of Korean content on a global scale.
“In September, Seoul will be Heaven for Games and E-sports” from the August 2024 issue of SBA’s <Seoul Lifestyle> magazine.
Conclusion
The SBA is committed to helping Seoul’s creative content industry succeed. By connecting content-related businesses with resources, investment opportunities, and international partners, the SBA is helping to solidify Seoul's position as a major force in the global content industry. This strategic support will hopefully sustain the Korean Wave for decades to come.
The SBA is eager to collaborate with foreign companies looking to tap into the Korean content creation industry. As Mr. Jeon confidently states, "If you want to do business with Korea, do it with Seoul... if you want to do content-related business in Seoul, you have to find us, the SBA, and if you find us, everything will be solved."
However, the path to continued success is not without its challenges. In Part 2 of our interview, we'll look at the issues facing the Korean content industry, exploring Mr. Jeon's insights on the hurdles creators face and the SBA's proactive efforts to overcome them.
Key Takeaways:
The Seoul Business Agency (SBA) supports a wide range of business sectors with a particular focus on the content creation industry.
The SBA's Creative Industries Division acts as the de facto content agency for Seoul, providing resources, mentorship, and networking opportunities for creators.
The agency is committed to increasing the global reach of Korean content by connecting creators with international platforms and facilitating collaborations.
The SBA recognizes the importance of new media and engages with influencers and online platforms to promote Korean content.
Investment and sustainable growth are key priorities for the SBA, as they work to connect creators with venture capitalists and other forms of financial report.
SBA (English) Website: https://sba.seoul.kr/En/index.aspx
Upcoming 2024 SBA Events
| Event Name | Date | Website |
|---|---|---|
| GES:GamEsportSeoul | 2024.09.06 - 2024.09.08 | https://ges.seoul.kr |
| Global Webtoon Festival | 2024.09.26 - 2024.09.29 | https://www.ani.seoul.kr/ |
| Seoul Promotion Plan (SPP) | 2024.10.23 - 2024.10.24 | https://www.spp.kr/ |
| SeoulCON | 2024.12.28 - 2025.01.01 | https://seoul-con.com/en |