"Tax Benefits, Not for BTS, but for Netflix's 'Squid Game'" 5 Music Organizations Speak in Unison

[Financial News]  5 music organizations claimed in a statement on the 11th that "equitable institutional support is needed for the music industry, especially for small and medium-sized record producers, to achieve cultural powerhouse status and realize the K Initiative." 
The Korea Management Federation, Korea Entertainment Producers Association, Korea Music Label Industry Association, Korea Record Industry Association, and Korea Music Content Association expressed active welcome and support for the policy direction of the Lee Jaemyung government, which has taken the K Initiative as a core national policy, stating, "K-pop is already a key driver for national competitiveness and cultural sovereignty realization," and emphasized, "Practical support for small and medium-sized record producers will lead to mutual growth and sustainable development of the entire industry."
Currently, some content fields like video and webtoon receive tax benefits for production costs, but the music industry is excluded from the support range. They stated, "Despite the global success of BTS's 'Dynamite' music video, it is not eligible for tax benefits, which contradicts fairness among content genres," and "the music industry should also be included in the balanced national content support policy."
They also suggested the need for fund creation to resolve the financial limitations of small and medium-sized record producers. Currently, policy financial support like the mother fund is operated focusing on video and webtoon, and there is no dedicated account for the music industry. The organizations added, "If a dedicated fund is created, small and medium-sized record producers will be able to produce more stable, creative, and competitive content."
Finally, the 5 music organizations emphasized, "K-pop is the future industry of Korea and a strategic asset driving diplomacy and economy," and "tax support and the establishment of financial and guarantee systems for record producers will contribute to the sustainable growth of the industry ecosystem and the globalization of K-culture."

jashin@fnnews.com Shin Jina Reporter