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\n Trump Made 1,000 Stock Trades in a Month… Here Are the Stocks He Bought and Sold
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\t\t\t Korea Economic Association Cornerstone. Photo by Jinhyung Kang<\/p>\n
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The Era of \u201cK-Everything\u201d Arrives, with the Market Expected to Reach 27.3 Trillion Won by 2030<\/p>\n
Overcoming Structural Challenges Such as Reliance on Global OTT and Limited IP Acquisition<\/p>\n
Proposals for a \u201cKorean Hollywood\u201d and Expandable Funds\n <\/p>\n
As the phenomenon of the Korean Wave, which began with K-pop and other content, expands into all sectors of the economy\u2014including food, beauty, fashion, and tourism\u2014ushering in the era of \u201cK-Everything,\u201d a set of policy proposals has been put forward to transform this trend from a temporary fad into a sustainable driver of national growth.<\/p>\n
The Korea Economic Association (KEA) announced on August 23 that it had commissioned Professor Shim Sang-min of Sungshin Women’s University\u2019s Media and Communication Department to prepare a report titled \u201cIndustrial Growth and Global Expansion Strategy for K-Culture.\u201d The report assesses the economic ripple effect of K-Culture and presents three key initiatives for its sustained growth.<\/p>\n
The report assesses that K-Culture has moved beyond a mere cultural phenomenon to become a core industry driving Korea\u2019s economy. One prominent example is the \u201cBTSnomics\u201d effect, with BTS\u2019s world tour generating an estimated total revenue of $1.8 billion (approximately 2.6 trillion won), stimulating spending in related industries. In addition, it notes that Korea\u2019s cultural competitiveness is evidenced by sweeping the world\u2019s top four cultural awards\u2014including the Academy Awards (film), Grammy Awards (music), Emmy Awards (broadcasting), and Tony Awards (musicals).<\/p>\n
This influence is spreading to related sectors including manufacturing and consumer goods. Samyang Foods\u2019 \u201cBuldak\u201d series has surpassed cumulative sales of 10 billion units, becoming the brand of choice for U.S. Generation Alpha (those born after the early 2010s). K-beauty is also taking over global distribution networks like Amazon in the United States, with independent brands at the forefront. According to the report, the global potential market related to the Korean Wave could expand to as much as $198 billion (approximately 27.3 trillion won) by 2030.<\/p>\n
However, the report also warned of structural risks behind the success of K-Culture. These include the lack of industry clusters and limited capital strength, making it difficult to secure original intellectual property (IP), as well as the risk of becoming a mere subcontractor base due to dependence on global over-the-top (OTT) distribution networks. Another challenge identified is the lack of inter-industry linkage, where the popularity of K-Culture does not spill over to exports by general manufacturers or small and medium enterprises.<\/p>\n
In terms of policy, the fragmented structure between government ministries, the lack of a control tower, and insufficient legislative and institutional foundations have been highlighted as inadequate policy and social infrastructure that hinder sustainable growth.<\/p>\n
Accordingly, the report proposes that, in order to turn K-Culture\u2019s global success into a sustainable national growth engine rather than a fleeting trend, the core strategies should be: enhancing content competitiveness; fostering global expansion; and establishing policy frameworks.<\/p>\n
First, the report emphasizes that to enhance the competitiveness of Korean content, an integrated \u201cKorean Hollywood\u201d (K-Culture cluster) must be established to organically connect creation, production, investment, and distribution commercialization. The aim is to build an open content industry ecosystem\u2014similar to Hollywood in the United States\u2014where planning, production, investment, distribution, and IP commercialization all take place seamlessly within the cluster. This would create a platform for collaboration between large corporations, smaller production firms, and creators to work on joint projects. The report also proposes establishing an \u201cexpandable K-Culture fund\u201d to help secure original IP and create a virtuous cycle connecting content with related industries such as food and beauty.<\/p>\n
Suggestions were also made for linking global interest in K-Culture with tangible export results in related sectors such as K-food. It recommends evolving K-food from simple product exports toward a \u201cB2B integrated food materials distribution system\u201d encompassing quality, branding, supply chain, and distribution; establishing unified standards for the quality and safety of K-food ingredients; and supporting joint branding and local marketing tailored to the consumption characteristics of different countries and regions.<\/p>\n
The report further underscores the importance of formulating a policy base that not only develops the content industry but also links it with the service sector for the sustained growth of K-Culture. This includes enacting a \u201cFramework Act for Service Industry Development\u201d to systematize research and development (R&D), taxation, and financial support; and introducing a \u201cK-Culture Pass,\u201d modeled after France\u2019s Culture Pass, to continue expanding cultural experiences and fan bases among youth and long-term foreign residents.<\/p>\n
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Hot Picks Today <\/p>\n \t\t\t Korea Economic Association Cornerstone. Photo by Jinhyung Kang<\/p>\n
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