Seoul, June 22 (IANS) South Korea said Monday that it plans to launch a 1 trillion-won ($825 million) fund and sharply cut red tape in order to help local players better compete with global media giants like Netflix and YouTube.

Under the plan, the local media market will be valued at 10 trillion won by 2022, and its exports will top 13.4 trillion won, according to the ICT Strategy Council.

The fund and eased regulations will help local players better respond to the fast-changing business environment, the council said.

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Local video streaming service providers will also be allowed to rate content, reports Yonhap news agency.

The 1 trillion-won fund will be spent to create high quality content, as well as make greater use of artificial intelligence in the creation of media materials.

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--IANS

na/

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S. Korea to launch $825mn fund to compete with Netflix, YouTube - Business Insider India