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Over the past few decades, the global cultural landscape has undergone a seismic shift as new trends and entertainment forms emerged. South Korea, in particular, has become a powerhouse of integrating culture into Western media; the remarkable success of K-pop groups, the record-breaking rise of Netlflix’s “Squid Game,” and the widespread embrace of Korean cuisine, for example, reveal the country’s unparalleled impact on international business.
The fast-growing current of South Korea’s global popularity through exportation of pop culture, called the Korean Wave or “Hallyu,” encompasses many industries, including film, music, arts, food, technology, and beauty. The phenomenon extends beyond mere entertainment and acts as a soft power tool employed by the Korean government to foster positive perceptions and economic opportunities.
Many point to the late 1990s as the beginning of this cultural diffusion, when the 1997 Asian financial crisis and military censorship over South Korean entertainment came to an end. This allowed South Korea to bloom as a major exporter of popular culture, particularly into neighboring countries like Japan and China. K-dramas and Korean cinema became widespread within Asia, and eventually expanded into the Middle East and Eastern Europe. In the 2000s, the success of the smash hit “Gangnam Style” by South Korean artist Psy- which reached number two on the Billboard 100’s chart in 2012- allowed the country to gain cultural recognition in the United States and Europe, as well. By 2008, the value of cultural exports from South Korea surpassed that of cultural imports for the first time.
K-pop is another industry that has experienced a massive boom in global success. The 7-member boy band BTS, or the Bangtan Boys, is a major catalyst of this. With the release of songs like “No More Dream” in 2013, the group has achieved 23 Guiness World Record titles in terms of music and social media as of 2021. Now, BTS is worth over $5 billion a year to South Korea’s economy- half a percent of the country’s entire economy. In fact, an estimated 800,000 tourists a year reportedly choose South Korea as their destination, citing BTS as the reason. With the musical group boosting the appeal of South Korean products- like clothes, cosmetics, and food-, companies like Hyundai and EBay have been able to promote the band and increase merchandise sales by more than 50%.
Similarly, the 4-member Korean girl group Blackpink, which has been called the “biggest pop band in the world” by Bloomberg, has pushed Hallyu to record-breaking points. In June 2020, Blackpink’s music video for the song “How You Like That” received 86.4 million views in 24 hours, making it the most viewed music video in one day. The group also became the first artist on YouTube to hit 75 million subscribers. According to Spotify, since 2018, K-Pop streams on the app have increased by 107% in the U.S. and 230% globally, resulting in almost 8 billion streams per month around the world.
A large part of the Korean Wave, however, can be attributed to the film and TV sector of entertainment. From K-Dramas like the 1999 show “Winter Sonata” to internationally acclaimed films like “Parasite,” Korean films are leading the way for Hallyu. The dark comedy thriller film “Parasite,” released in 2019, was the first South Korean film to win the Palme d’Or award at the Cannes Film Festival, as well as four Oscars for Best Picture, Best Director, Best Original Screenplay, and Best International Feature film. In addition to becoming the second-most watched movie on Hulu in 2020, “Parasite” delivered commentary to worldwide viewers about social class, inequality, and poverty in South Korea, drawing attention to important issues.
Other industries, such as K-beauty and food, have also become widespread. Kimchi, gochujang flavors, and the South Korean ramen brand Buldak are some examples of Korean dishes rising in global popularity. Additionally, in 2020, South Korea was third overall in global cosmetic exports, and Korean skincare has been widely regarded as more advanced than Western remedies.
However, South Korea’s trajectory is not an isolated case; similar cultural phenomena have unfolded in other countries, including the rise of J-Pop from Japan and fashion lines from Australia. The country is just one example of how culture can reshape global preferences and catalyze international business growth.
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