K-pop, the popular music that originated in South Korea is taking over the whole world with the raging popularity of K-pop groups like BTS, Black Pink, GOT7, Monsta X, and many more. The whole K-pop idea was introduced as a distinct traineeship modal in the South Korean music industry which is now followed by the rest of the entertainment industry. The growing popularity of the K-pop industry is not only promoting the Korean culture over the world, even into countries like Chile, Afghanistan, and Middle East but is also making a strong impact on the South Korean economy. The way this industry is growing, K-pop is sure to propel the South Korean economy in the years ahead.
So, the whole concept of K-pop dominance all over the world is known as “Hallyu”, a Chinese word that stands for the Korean wave of pop culture. The continuous growth of Hallyu resulted in increased distribution and consumption of Korean content through platforms such as YouTube, Netflix, and SNS. Even the incredible and first-ever success of director Bong Joon-Ho’s film Parasite also helped in Hallyu content and the Korean film/entertainment in the industry.
A Little Into Hallyu Background and Present State
In 1992, the Korean Culture and Tourism Institute send a copy of a drama to play into the other countries, with the support of the South Korean government. The government helps these industries to go and other things also. The projects that helped in the spread of Hallyu are – boys over flower, my seesy girl, Swiri, Autumn in my heart also the songs SHINee’s ring ding ding, PSY Gangnam Style, Rain’s bad boy. These become popular not only in the parts of Asia but also among the youth of other countries like the US and the UK. When it comes to Hallyu there are five main factors one shouldn’t forget. The impact starts with lifting the ban on foreign travel for Korean citizens, along with Korean chaebols restructuring. Samsung also considers another main factor of the Korean wave. The rise of Samsung was another era for the South Korean economy and Hallyu. Branding of Korean companies and banning censorship lows, giving opportunities to other citizens to come and learn K-pop is another highlight of the K-pop era. As Barak Obama said the entertainment industry of K-pop in South Korea is the government’s priority.
Every Korean brand promotes its ad along with a K-pop idol or actor, which helps when the protagonist of the ad goes overseas, they help the brand to promote overseas. The wave of Korean pop culture has great support from the government from the past. Korean pop culture has a great impact on Asian countries like China, Singapore, Thailand, and Japan. The Hallyu itself a mandarin word. The K-pop industry is joined by trainees from China, Thailand, and Japan. Many of K-pop group consists of Chinese, Thai and Japanese members along with Korean members with their nationality abroad, which helps them to gain popularity among the countries and reach achievements. Many Korean idols, singers, actors have also signed many sub-labels in other countries due to the increase of Hallyu. The rising popularity of the entertainment industries not only promoting Hallyu but also giving a high rise to the Korean government. The growth of the Korean wave over the last two decades is fantastic and giving a major impact on the Korean economy.
K-popnomy
When it comes to the K-pop music industry, five to eight K-pop music labels are offering a huge range in the Korean economy. Such labels are Big Hit Entertainment, SM Entertainment, JYP Official, Starship Official, and many more. The chairman of SM Entertainment, Lee Soo-man told a recent seminar that he believed k- pop would grow through technological innovation and even Hallyu celebrities in all powered avatars could even become part of our lives. According to Korea foundation president Lee gum, Hallyu has not only become a global content but an asset to South Korea’s pubic diplomacy. CNN published the article with the headline after the sudden popularity of K-pop song Gangnam Style by PSY released in 2012, “Korean wave of pop culture swipes across Asia.”
Being the uppermost country with the determined goal to become the most popular culture leading exporter South Korea along with its government supporting the entertainment industries to grow higher and reach audiences all over the world. Also, we can say it’s the way to develop the soft power of the country. With the blessing of the biggest cultural phenomena across Asia and another part of the globe Hallyu, Korea expands its businesses, culture, and country image.
Korean merchandise exports to a country respond strongly to lagged TV program exports to the same destination but mostly in sectors characterized by consumer products. These include UN Broad Economic Categories like food and beverages, and other consumer goods Korean annual exports reports, Korean products such as cosmetics, food, fashion, electronics, and mobile phones are exports at a higher rate, which helped in raising the bar by 34.7%. The exports also include the merch by the K-pop idols, groups, the brand product they used to promote also exports at a high rate. Such change of consumer preferences has occurred through several ways as supported by numerous survey results and reports by the MoFA (Ministry of Foreign Affairs), KOTRA (Korea Trade-Investment Promotion Agency), and KOFICE (Korea Foundation for International Culture Exchange).
First, foreign consumers form favorable national images of Korea while watching the dramas as they naturally experience a chance to learn and appreciate the Korean culture. In the past, people tend to associate national images of South Korea negatively with the Korean War or North Korea, but nowadays such images are giving way to the charming, fun, and lively images of entertainments and state-of-the-art technologies. Such a change of national image enhances consumer preferences for products with the “Made in Korea” label. The entertainment industry helps in the economy by their image, ad, and role in the different brands and also promoting the tourist view of South Korea.
Along with the South Korean government promoting Hallyu the K-pop being the most strong soft power to the country making South Korea a destination of investment and commercial zone for many businesses all over the world. The massive popularity, immense government support, and running television station, broadcasting station helping the K-pop industry to provide a stable and strong economy to the South Korean even in the time of Covid-19.
K-pop Boyband BTS’s Impact on the South Korean Economy
The growth of the Korean economy has gotten great support from a seven-member South Korean boy band BTS. Along with BTS topped the Billboard hundred music chart, the boy band has also sold millions of albums and is one of the most-watched artists on YouTube. Not to mention after the British boy band One Direction, BTS has also sold out their stadium shows very quickly. If BTS maintains the same position, it can generate $30 Billion in economic value in the next years. With the help of BTS, the Korean economy is reaching a sky-high achievement.
According to the Hyundai Research Institute the impact of the Korean economy last year was estimated as US$ 4.93 billion. With such an impact BTS has been given the name of “walking conglomerate”. This also helps other K-pop artists to earn the spotlight with governments’ interest in the K-pop music industries.
After BTS, GOT7, Monsta X, Black-pink, Stray kids, NCT, Exo, Seventeen and Txt also obtained a rank in the Billboard music charts. Defying even the covid crisis, The labels of BTS continue to increased the spike in revenues in the music along in the mainstream economy.
International success and immense popularity of BTS has become the strongest boy band and power among all K-pop labels and groups. the strongest soft power BTS not only supporting the economy but also making highlights of every K-pop label to the audience. The whole K-pop industry not only giving a boost to its economy but also dominating the world with its cultural effects like make–up, hairstyles, bangs, clothing, specific styles.
Personal Impression on K-pop
K-pop is not just music for the government of South Korea, it has become a power source and a major factor in the country. With the growing popularity of BTS and other K-pop group over the deeds not only helping the country to promote the artistic side of the country as well as becoming a major superior of the country. The audience of K-pop usually are teenage girls and boy.
The entertainment industry of Korea is specially designed at a different level than in other countries. Besides making music and dancing on them, they also have reality shows of their life and other variety shows which helps them to promote the way they are living, the food they eat, the product day use which in turn attracts the viewers, specifically fans to the consumption of the items their favorite idol and celebrity using. This has a great impact directly on International exports and the economy of South Korea. Many people from other countries are very interested in the Korean language and their way of living to learn. Many universities have added the course of Korean languages for the pupils.
So far the way BTS along with other K-pop star climbing to sky-high achievement and the enormous popularity of the Korean dramas having, it can make a high rise in the economy of South Korea, giving them more strength to top the soft power and grow as one of the powerful frugality not only Asia but also all over the world.
Conclusions
Hereby K-pop along with the strongest soft power in South Korea giving a crucial power to its economy. The rising of new K-pop groups and the international success of Korean dramas not only dominating the world but also smashing the new records of spreading Hallyu. BTS being the most important part of the economy of Korea also gets the plus points of not joining their military due to their world tours and accumulate GDP support. The K-pop culture strengthens the Korean economy along with its cultural diplomacy.
