If you visit the popular streaming app, Netflix quite frequently then you must be aware that apart from the shows and movies of the US and from our own country, K-Dramas and movies are topping the charts every once in a while. Be it the thriller show, Squid Games which has left its marks across the world like never before or the romantic K-Dramas like Business Proposal which has established its own separate fan base in India, the world is embracing the South Korean wave with wide open arms.
The BTS Army of South Korea has the most loyal fanbase the music industry across the countries has ever seen. Music streaming platforms like Spotify have been promoting K-POP in the most creative ways possible. The reason behind this is that K-POP has managed to bring the world closer together and almost every Gen Z is grooving on these songs.
This dynamic rise in the entertainment industry having a net worth of $20 Million in South Korea has been a steady and dedicated process of the domestic efforts of Korea since the early 1990’s and 2000’s. OTT platforms have a major role to play in helping Korean entertainment reach its peak by targeting the Korean shows and movies to a global audience.
The professionals of Korean Entertainment now have a better understanding of the global audience and what works for them. But this immense growth also has its roots in the overall economic development of the nation. Until the 1950’s, South Korea was largely an agriculture based economy. But since then industrialization and urbanization led to an increase in the per capita income of the country which led to the Ministry of Culture supporting domestic entertainment of South Korea.
The development of the OTT platforms has only led to the further advancement of this economy. Netflix has been able to add a whopping $4.7 billion to this particular entertainment industry. South Korean entertainment industries support activity worth 17,454 billion Won in GDP per annum for their home country and raising
258.1 billion Won for the South Korean government in tax receipts.
The themes of the popular Korean shows and movies like the Squid Games and the Oscar winning movie Parasite have a mass global appeal. Poverty and the desperation that it brings is experienced in every country, so the relatability factor helps in a far and wide reach of the content. The captivating storylines and the intense plot-twists have made them special and unique in more ways than we can imagine. Even the advanced technology usage in the shows is another engrossing feature of this rapidly growing sector of South Korea.
Additionally, the shows only have limited episodes across the genres so the binge worthy factor appeals to the masses and generates more viewership.
When we look at the emotionally rich shows and movies of South Korea, we find different perspectives of the social issues of global importance. The kind which the world was unaware of. The rise of this Dynamic industry is just beginning and we are yet to take where this Korean wave is going to take the global entertainment industry.
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Written By:
Nikhil Singh
B.com Program - 2nd Year
About the Author:
Nikhil is a 2nd year B.com Program student. He is keenly Interested in the field of finance and looking forward to pursue a career in this field.
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