This study identifies the structural constraints on financing faced by art enterprises as the arts undergo a process of industrialization, and empirically estimates the scale of capital demand required by the art industry through a scenario-based estimation model. Drawing on the financing gap framework, a survey of domestic art enterprises was conducted to obtain empirical data. These data were then compared with those of the content industry, which has a well-established policy finance system, to examine the distinct financing environment and structural characteristics of the art industry. The results indicate that, as of 2024, the financing gap in the art industry is estimated to range from approximately KRW 110.6 billion to KRW 373.7 billion, depending on the scenario. Although individual art enterprises require less capital than firms in the content industry, they exhibit a substantially higher rate of financing failure. These findings suggest that the art industry faces structural financial exclusion owing to its intangible asset-oriented production structure and the small scale of its enterprises. The results provide an objective basis for budget allocation in financial support programs for the art industry. They also offer academic and policy implications by underscoring the need for the phased introduction of a policy finance system tailored to this sector.
Hong et al. (Wed,) studied this question.