investment

The Era of Video and Cultural Content Is Coming to Cheongna

IFEZ-Korea Land and Housing Corporation-Streaming City Resolve MOU draft

On May 27, a draft on the three-party MOU for the construction of a video and cultural-content production complex in Cheongna was resolved. With this, Cheongna laid the steppingstones for making inroads into the video and cultural-content industry.

Bird’s-eye-view of Cheongna Streaming City

Overview of Cheongna Streaming City Project

· Area: Approximately 119,000 m2 on investment land in Cheongna
· Total Project Expenditure: 840 billion KRW
· Project Period: 2020-2025
· Project Participants: Yedarm Global, MBC Art, EBS Media, and Korea Asset In Trust

The video and cultural-content production complex to be built in Cheongna will be called ‘Streaming City,’ denoting a city where video and cultural-content will be produced in abundance and in real time. A video-shooting studio, media center, and world-culture street will be established, so that a video and cultural-content production cluster with touring functions will be built.
This project was suggested for the first time in June 2019 and then, over the course of about 10 months, it underwent reviews and revisions in an effort to make the plan as sophisticated as possible. However, in April, at the 3rd session of the investment-planning committee, intensive questions and verifications were put forward, and the plan was postponed. Then, with the final amendment, the 4th session of the investment-planning committee saw the project plan gain ultimate approval.

The video and cultural-content industry is a potential industry of the future, recognized for its many advantages in line with the 4th industrial revolution era. At the same time, it is safe to say that the need for the market is sufficient, given that the content-production market is being continuously extended in Korea, while there is a shortage of large-scale indoor studios with areas of more than 3,300 m2 in the metropolitan area. The plan’s other positive factor is its relative proximity to the existing infrastructure in Sangam, Seoul, and Ilsan, Gyeonggido. In addition, there are many favorable spots for shooting, such as Incheon Open Port and Songdo. Kim Se-jun, the head of the IFEZ Investment Opportunity Headquarters, said, “There are mountains to move, such as the project agreement and land contract, but we will do our best to ensure the success of the project.”

Leave a Reply