The Impact Of K-Pop On Korea’s Global Growth
The pop music of South Korea, which is commonly referred to as K-pop, has become a worldwide sensation over time. K-pop has also boosted the economy of South Korea immensely. The music videos, live stage performances, and the music itself are always crafted with exceptional detail and meticulous care. Over time, many South Korean musicians have gained fame in western media due to their precise attention to the act and detail, BTS and Blackpink being a few of them.
BTS band comprises seven members who took the world by surprise with their music and have gained $4.9 billion for the South Korean economy. Part of the revenue is generated when people buy K-pop albums online. Some analysts call this the BTS effect. This highlights how much of a contribution one single music band has made to the entire country.
The song of BTS, ‘Dynamite,’ was the first all-English song to be released. It peaked in the Billboard global chart at number oneand stayed there for around 18 weeks. This song alone led to the generation of $1.43 billion. A study conducted by Korea culture and tourism and the Ministry of Culture Sports and tourism analyzed that the estimated revenue from the song can provide 7,928 jobs during the pandemic. South Korea suffered immensely due to the pandemic resulting in loss of tourism. The jobs were actually able to come to fruition because of the song ‘dynamite’ revenue.
The Korean wave, which refers to the influx of South Korean music movies and T.V. shows into the western world, has massively helped the South Korean economy. The pace at which the Korean culture impacted the U.S. has relieved the stress on the economy of South Korea due to the 1997 Asian financial crisis. The movie ‘Parasite’ became one of the highest-grossing South Korean film in 2019 and gained over $258 million worldwide. Parasite also won four Academy Awards, including best director, best picture, and best original screenplay.
South Korean T.V. shows or K dramas are widespread amongst common streaming services like Netflix. There are around 80 K-dramas available to watch on U.K. Netflix. Some of these popular K-dramas also have K-pop idols which bring in more audience. This South Korean wave has greatly benefited South Korea by developing $9.48 billion in exports. K-pop merchandise specifically has made a significant contribution to the ever-growing number. Ever since the pandemic hit, BTS held online concerts, and cheap K-pop albums online were made available.
The Korean economy also depends on other electronic industries like automobile industries like Hyundai, Kia Motors, and electronic industries like Samsung for their economic growth period; however, it is very clear that K-pop is one of the major contributors to the economic system currently. As per the Korean foundation for international cultural exchange, the Korean wave of T.V. dramas, K-pop, and games contributed 9.5 billion U.S. dollars to the Korean economy alone in 2018,. This is expected to grow further in future years.