SEOUL, Nov. 25 (Korea Bizwire) — The pandemic has expedited the process of digital transition, increased information and communications technology (ICT) investment and encouraged tech startups.
The Ministry of SMEs and Startups reported a 26.1 percent increase in the number of tech startups between January and September of this year, adding a total of 34,240 new businesses to the market.
With a rising preference for online and contactless activities in the pandemic era, new startups are being concentrated in the software development and supply sector.
“Growing investment in the metaverse industry and YouTube’s expansion, as well as the growth of Netflix and the streaming industry, has led to a spike in the number of film production and distribution startups,” the ministry said.
In addition, the expansion of online advertisement businesses using social media and the consulting market has contributed to 20.8 percent growth in businesses related to science and technology, as well as 12.3 percent growth in the wholesale and retail industry driven by online shopping portals.
As of September, the total number of startups stood at 1,069,000, down by 7.3 percent compared to last year.
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