I am sure you have heard of the Korean wave before. It is a term that describes the global popularity of South Korea's culture, which has seen an immense increase in recent years. I would like to discuss some aspects about this phenomenon and how it became so profitable. This blog post is for all those who are curious about what the Korean wave means and why it is happening right now.
The Korean Wave, also known as Hallyu or the Korean Cultural Phenomenon, may be one of the most important and influential phenomena in contemporary Asian society. The term refers to a global wave of interest in South Korea's film, television dramas, music (particularly K-pop), literature and other aspects of popular culture.
A growing number of scholars have begun to analyze this unprecedented development from a variety perspectives such as sociology, political science and economy. However there are many different opinions on how it has come about with some claiming that it is due to the Koreans' talent for imitation while others argue that it is because their culture contains something which appeals strongly to people all over Asia and the rest of the world.
Take for example.. Gangnam Style, I'm pretty sure that you tried to dance like Psy at least once
Vanek Smith interviewed Park Chanuk from the popular band BTS, and and excerpt from the interview goes as follows:
An online concert held by BTS during the pandemic brought in more than $70 million in ticket and merchandise sales. But like Park Chanuk says, there is a major ripple effect. BTS' popularity is fueling tourism to Korea, study of the Korean language, interest in Korean movies, television, fashion and food. All told, BTS is bringing in an estimated $5 billion a year to South Korea. That's around half a percent of the country's entire economy.
Also the new and popular Squid Game show has been extremely successful. This week at Code Con, Netflix co-CEO Ted Sarandos even revealed that Squid Game is on track to become the service’s most-viewed series ever.
South Korean TV and film have been around for over half a century, but this last two decades in particular mark the rise of global recognition. The country won its first Academy Award at an historic 2020 ceremony when Parasite took home Best Picture award - becoming only the second Asian nation after Japan with more than one winner (Yeonmi Jinzai was also nominated). South Korea has taken center stage once again as they are responsible for setting up Netflix hit Squid Game which stars many popular faces from both K-pop music videos or commercials we've seen on our screens every day since 2018!
Influencer marketing is a new trend in South Korea and it's predicted to be worth $10 billion within 2 years. The influencers are getting paid well, too!
In less than one year of its existence Influencer Marketing has increased by over 3 trillion Korean Won (that’s right three zeroes!) since 2015 while forming cohesive digital advertising strategies as an established practice among companies worldwide - who knew so many people wanted their products handed off by someone else?
Korean Wave is such a big thing that they're making more money than we ever could. Maybe it's time for us to learn the language and start tapping into this market too!