IFEZ aims to become global K-content hub

By Ko Dong-hwan

Yeongjong and Cheongna international cities in Incheon are emerging as promising markets for Korea’s content industry as the Incheon Free Economic Zone (IFEZ) plans to develop the areas into a video and culture complex cluster, or K-Con Land, which will generate 50 million visitors.

The establishment of K-Con Land, which aims to concentrate content companies around the IFEZ, is a policy initiative by Incheon in line with the government’s strategy to establish the nation as a leading global cultural powerhouse.

In June 2024, the government announced a plan to establish a Korean content cultural multiplex — a centralized hub for content production, distribution and consumption. Developed in collaboration with businesses, universities and research institutions, the complex aims to become a leading K-content center. By 2035, it will feature content academies, creation and entrepreneurship centers, video production facilities, museums and festivals.

The IFEZ is developing four areas in Yeongjong, Yongyu and Muui and two sites in Cheongna within the airport economic zone, supported by cultural and performance venues like Inspire Arena, the planned Starfield multi-stadium, Paradise City and the BMW Driving Center, all centered around Incheon International Airport.

Another strength of the IFEZ is its ability to nurture skilled talent for K-content. The University of Utah, within Songdo’s Incheon Global Campus, offers programs in game studies and film studies. Plans are also in place for the Mannes School of Music to establish a presence there, while discussions are ongoing to attract the Vancouver Film School to Cheongna.

Hollywood’s video and media companies based in Los Angeles are also showing interest in Incheon. Earlier this year, Incheon Mayor Yoo Jeong-bok signed agreements with representatives from four global video and media companies during a business trip to the U.S., signaling their intent to participate in the development of K-Con Land.

Notably, the MBS Group’s letter of intent to participate in the IFEZ’s content-related projects highlights the region’s robust infrastructure. Based in California, MBS Group is a leading global studio operator and production services company, providing studio rental and production support to top content creators worldwide. Its studio assets are valued at over $7.5 billion.

Global financial investment firm Ametrust has also expressed interest in investing, submitting a letter of intent to commit $2 billion to cultural industry projects within the IFEZ and new development initiatives.

Once K-Con Land becomes fully operational, it is projected to attract 50 million visitors annually and generate approximately 10 trillion won in cultural content exports. Over 100 related companies are expected to set up operations, creating 50,000 jobs.

"We will strengthen our position as the center of K-content industry production and consumption,” IFEZ Commissioner Yoon Won-seok said.