The Korean wave, more commonly termed Hallyu, refers to the global popularity of South Korea’s cultural economy and pop culture. This includes everything from music, entertainment, TV dramas, movies, Korean cuisine, and even skincare, to name a few.
The year 2021 has seen Korean pop culture grow in prominence. With many around the globe being swept up in this phenomenon, it comes as no shock that South Korea’s GDP would be impacted. In 2004, the Hallyu wave contributed 0.2% of Korea’s GDP (approximately $1.87 billion). As of 2019, the Korean economy experienced a whopping $12.3 billion boost. Today, South Korea holds the position of 12th largest economy in the world.
The latest in the Kmedia industry and their numbers
In the year 2021, Kmedia saw a massive increase in popularity, namely from the show Squid Game. It generated a thumping 111 million viewers globally since its release on September 17th. Thus, becoming one of the most-watched shows or films ever on the leading streaming service, Netflix. Previously, in 2020, the Oscar-winning Korean film ‘Parasite’ amassed a staggering $137 million in box office revenue. Thus, making South Korea the fifth leading film market, and an export value of $54.16 million as of 2020.
However, it’s not only the film industry that the Korean wave has taken by storm. In recent years, K-pop, short for Korean pop music, has grown from a small-time sensation into a global powerhouse. With bands like BTS and Blackpink dominating Billboard Hot 100 charts, international radio stations, and other audio and media streaming services such as Spotify.
BTS, the seven-member K-pop group has dominated the music world. Scoring No. 01 on music charts worldwide and amassing a number of awards, even garnering a Grammy nomination. Therefore it’s safe to say that they have become an international force. With their highest-grossing tour, Love Yourself World Tour, in 2019 amounting to $196.4 million. As of 2021, BTS contributes up to $5 billion to South Korea’s economy.
What can we see in the future? Will the Korean Wave continue?
In the future, analysts predict the Korean wave will translate into the new norm. This means it has the potential to become mainstream alongside media from the US and China.
