South Korea/ 6. Financing of culture  

6.1 Short overview

Financing for the arts and culture comes from diverse sources State led policy framework imposes much more burden to the governmental part rather than to the private funding resources. It is notable that various endowment fund exist in the cultural sector for specific purposes. The most important funds are Culture and Arts Promotion Endowment Fund and Tourism Promotion Endowment Fund. The former has been in operation for about 30 years, collecting a certain percentage of cinema entrance fees to cross subsidize the arts. This practice was abolished in 2004 and the endowment fund is now managed by the Arts Council Korea to support the artists from the investment income of the endowment. The Tourism Endowment Fund has been the main source for building infrastructures where the interests of culture and tourism intersect. As cultural resources have become more and more important to tourism, there has been steady inflow to the cultural budget from this fund.

            The percentage of whole government budget available for culture has fluctuated in the last ten years but averages approximately 1%. Since the Heritage Administration’s budget is determined independently, if one goes beyond the Ministry’s budget (to include media policy as well), the percentage would increase to 1.39% of the whole government budget.

 

2002

2003

2004

2005

2006

2007

2008

2009

2010

Cultural   ministry only[1]

1.37

1.26

0.98

1.00

0.99

0.96

1.00

0.94

1.08

Cultural sector overall[2]

1.68

1.56

1.23

1.25

1.25

1.21

1.29

1.22

1.39

Source: Korea Cultural Policy Institute (2011)

[1] Ministry of Culture and proceeds from the Culture and Arts Promotion Fund.

[2] Budget for Ministry of Culture (including proceeds from the Culture and Arts Promotion Fund), budget for Heritage Administration Agency, and budget for Broadcasting and Media Council.


Chapter published: 29-11-2013


EN | ES