Invest KOREA

Seoul will create a film and entertainment complex modeled after Hollywood film studio by 2014 in its bid to promote local entertainment business and tourism, city officials said Wednesday.

The city government will spend 170 billion won (US$151 million) on expanding the Digital Media City (DMC) in western Seoul to develop a cluster for the film, game and animation industries there with a central emphasis on South Korean pop culture, known as "Hallyu," officials said.

"We will create DMC as the best Hallyu contents hub, just like America's Hollywood and England's Sheffield," Seoul Mayor Oh Se-hoon said. "(The project) will greatly contribute to realizing Seoul's vision to emerge as one of the world's top five cities."

The construction plan includes building the world's largest computer graphics center with three virtual studios, city-themed movie sets, pre/post production facilities as well as promotional exhibition halls of famous Korean dramas that are big hits across Asia by 2013.

A theme park featuring famous game and animation characters will be set up there by 2012, officials said, noting the city government plans to gradually create a video game theme park in a nearby area to offer fans the opportunity to experience a fantasy world.

For the convenience of visitors, the neighborhood will turn into an entertainment and commercial district with shopping malls, spas and hotels, officials said, adding that they will also prepare tourism packages mixing various cultural experiences to attract tourists.

Research centers will also move into the complex as part of the project to strengthen research capabilities in entertainment, information technology and design, they added.

The Seoul government expects the DMC project to create 68,000 jobs and make 35 trillion won in annual sales revenue by 2015 when the media complex takes full shape.

More than 270 companies in broadcasting, movie/animation, game and IT firms have moved to the complex since 2002 and other local major media and entertainment companies plan to move in from 2015, according to city officials.

Source: Yonhap News (Feb. 16, 2011)