The 2024 International OTT Festival was held from the 4th to the 6th in Busan. This event was co-hosted by the Ministry of Science and ICT and Busan City and organized by the National IT Industry Promotion Agency and the Busan International Film Festival. It was planned to promote domestic OTT platforms, content, and media technology to the world and provide opportunities for global business cooperation and investment attraction. This year, the scope of investment attraction and networking support, which was mainly focused on OTT platform content last year, has been expanded to include FAST and media technology sectors. As a result, a 'Media Technology Investment Attraction Showcase' was newly established, and business meetings, the International OTT Summit, and the International OTT Awards were held.
Under the theme of 'Streaming the Future,' the event saw participation from not only domestic OTT companies such as TVING, Wavve, Watcha, and Coupang Play, but also global FAST companies such as Samsung Electronics, LG Electronics, CJ ENM, and New ID, as well as international companies like Netflix, Disney+, Paramount, Tubi, Rakuten Viki, Alibaba Media Group, and Amazon Hulu Japan.
On the first day of the festival, 2nd Vice Minister Doyeon Kang attended the event and met with representatives from domestic OTT companies, including TVING, Wavve, Watcha, and Coupang Play, as well as FAST companies such as Samsung Electronics, LG Electronics, CJ ENM, New ID, and media technology companies like Twigfarm and Dexter Studios. During this meeting, he listened to key trends in the domestic OTT industry and exchanged opinions on ways to enhance the global competitiveness of domestic companies. Vice Minister Kang also attended the opening ceremony, which marked the official start of the event and featured the 'International OTT Summit,' attended by over 300 domestic and international OTT industry figures. He extended his congratulations and delivered a welcome speech. The festival also featured 'OTT Houses,' specialized communication spaces for each OTT company, and 'OTT Premieres,' showcasing unreleased new works from major OTTs.
Vice Minister Kang stated, "With the recent advancement of AI technology, innovation in the media industry, including OTT, is accelerating. For the domestic OTT industry to secure global competitiveness, it is essential to develop content that resonates worldwide and build capabilities in utilizing digital technologies like AI. The Ministry of Science and ICT plans to significantly strengthen investment in the convergence of AI and media, as well as the production of domestic OTT content and its global expansion, in line with the launch of the National AI Committee and the K-Content Media Strategic Fund."