The entertainment market in South Korea is one of the strongest industry of this country. It is also of global influence, as can be seen from the popularity of the K-pop culture in the world. The entertainment market in South Korea accounts for 2.8 percent of the world’s entertainment industry with revenue of $45.1 billion. It is the seventh largest entertainment market in the world, according to the consulting firm PwC. What’s more, the entertainment market in South Korea remains a high developing speed. According to the International Federation of the Phonographic Industry, South Korea’s music industry earned revenue of just $120.5 million back in 2007. Until 2012, the revenue has reached $199.5 million, a 65.6 percent increase in only 5 years.
The world-storming South Korea entertainment culture
Even though the entertainment market in South Korea is not outstanding in terms of size, the ubiquitous presence of K-pop in every corner of the world indicates how influential it is. The song Gangnam Style, which was viewed over 800 million times on Youtube, is one of the example to show how strong the entertainment market in South Korea is. This song was able to top the charts in Britain and its singer Psy was invited to perform in the Times Square in New York City.
Besides popularity of the South Korean music industry, its film and drama are also followed by a large group of people around the world. The film Oldboy got its US remake in 2013. Huh Jun, a Korean epic historical drama, is one of the most watched shows in Iraq.
The biggest influence of the Korean wave has been in Asia. While the entertainment industry in Japan has already been strong and exclusive enough, the influence of the entertainment market in South Korea can still penetrate to the Japanese society, and even becomes a headache for the government of Japan. Officials from the Liberal Democratic Party even demanded a ban on Korean content and K-pop.
Weak performance of the domestic entertainment market
The entertainment market in South Korea performs really well in its exporting performance. Domestically, South Korean is not paying enough attention to the entertainment market: the CD industry is stagnant, and digital music sites are seen as vastly underpriced. Bernie Cho, head of music distribution label DFSB Kollective, said that many top artists make more money from one week in Japan than they do in one year in South Korea.