November 22, 2024

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(Getty Images Bank)

Amid the burgeoning community of social media platforms, including YouTube and TikTok, the number of Korean individuals earning over 100 million won ($72,300) annually from their content on these platforms increased from 2020 to 2022, according to a report released Monday.

The report submitted by the National Tax Service to Rep. Cha Gyu-geun of the Rebuilding Korea Party revealed the total number of individual creators increased from 27,560 in 2020 to 39,366 in 2022. Over the same period, the total income of these individual creators more than doubled from 452.1 billion won to 1.142 trillion won.

With the increase in the number of individual media creators earning over 100 million won annually across all age groups, the highest number was in the teens and 20s, reaching a combined total of 2,901 individuals from 2020 through 2022. This figure is followed by those in their 30s with 2,219, those in their 40s with 526, and those in their 50s with 226.

Meanwhile, the report also highlighted a potential tax loophole where some media creators generate profits from fan donations directly into personal bank accounts during live broadcasts, making it difficult for tax authorities to track.

By Hwang Joo-young (flylikekite@heraldcorp.com)