South Korea is turning to cultural exports as a new driver of growth, as traditional manufacturing faces challenges from global protectionist measures.
The Korean Wave, or Hallyu, continues to make an impact worldwide, with music, films, television shows, literature, and games gaining international recognition. Notable achievements in recent years include an Oscar-winning film, globally popular K-dramas, and award-winning literature, further strengthening South Korea’s cultural influence.
Emerging markets such as India, Latin America, and the Middle East are showing increasing demand for Korean cultural products. Industry executives see long-term potential in these regions, particularly among younger audiences. Partnerships with global streaming platforms and expanded auditions abroad are helping broaden the reach of Korean entertainment.
According to central bank data, South Korea’s exports of intellectual property (IP), covering areas like music, film, and gaming, grew to $9.85 billion in 2024—more than triple the level of a decade ago. However, this still represents only a fraction of the country’s goods exports, which reached $696.2 billion in the same year.
Gaming remains the largest contributor to cultural IP exports, with industry leaders identifying India as a promising growth market despite its smaller current scale.
The South Korean government, under the leadership of President Lee Jae Myung, has pledged to position the country as one of the world’s “big-five soft powers.” Plans include expanding cultural exports to 50 trillion won ($36 billion) by 2030, focusing on five key areas: music, dramas, webtoons, beauty products, and food.
Challenges remain, with rising production costs, fluctuating box-office returns, shifts in advertising revenue, and increasing competition in the streaming industry. Industry experts have emphasized the need for legislative support to help domestic companies remain competitive on the global stage.
A report from the Bank of Korea highlighted that media content exports supported around 13,000 jobs in 2022, more than triple the number in 2020, attracting many young and highly skilled workers. While jobs in traditional exports remain larger in scale, cultural industries are showing rapid growth potential.
Observers note that South Korea’s cultural policy is evolving from a supporting role into a central pillar of economic and foreign strategy, reflecting the growing importance of services, which currently account for 58% of the nation’s GDP.
#ITCNewsUpdates #SouthKoreaNews #CulturalExports #GlobalMarkets #HallyuGrowth #ITCNewsUpdates