This is a country famous for its developed entertainment industry

One of South Korea’s goals is to become the world’s leading exporter and importer of entertainment and media. Today, the Korean wave (Hallyu) has gained global popularity, seen everywhere from Korean TV shows and films on media service platforms to pop artists’ videos and games. The Korean government considers the entertainment and media industry as a key driver for the future national economy.

Thanks to abundant ICT infrastructure such as high-speed mobile connectivity and diverse purchasing power in entertainment, South Korea has become an ideal testbed for new entertainment technology and media. For example, Virtual Reality has been widely adopted from gaming to sports broadcasting and many Hollywood movies are launching their world premieres in Seoul.

Over the past decade, South Korea’s status evolved to be a content powerhouse with the popularity of “K-Wave” dramas, films, and music. “Parasite”, one of the notable examples of the globalization of K-film won the 2020 Oscars for best picture. In fact, this blended genre Korean movie became the first foreign-language film to win the Oscar for best picture.

Just like other countries, the Korean music market is rapidly shifting from the sales of physical copies to digital streaming and download services. According to the KOCCA, in 2020 more than 63 percent of Korean listeners answered that they paid for digital services. In contrast, only 20 percent responded that they purchased physical copies during the past year. The competition among music platforms is expected to heat up as Spotify, the world’s largest music streaming platform recently entered the Korean market in March 2021.