Author’s Note: This post will state just facts and numbers –I know, who likes that stuff, right? but still gotta talk and roll– though it will help you get an idea about the contributions of the industry in the development of the country.
From all the things that you can find on the world wide web about K-POP, one thing certainly will come up if you do some deep digging; how the industry has boosted the country’s economy on a massive scale.
K-POP, since the mid 2000s has been predominantly raising its value in the East Asian Market. Ever since 2008, the cultural exports of South Korea (K-POP, Television Dramas and Computer Games) has boosted the economy by an annual growth rate of 10%, thereon.
The audiovisual content of K-POP marketing in the recent years has been quite favorable in drawing investors rapidly with the amassing number of fans.With a growth rate of of 28% in 2012, the industry grossed about US$3.4 billion, which certainly is alot from the previous year; this is why K-POP has been termed one of the “Greatest Export of South Korea”.
With the advent of K-POP and K-dramas the tourism industry of South Korea has been drastically generating profit for the country, a booming industry indeed. And not just tourism but in fact Korean beauty products, clothing are raising the country’s stakes to a higher level (like whoa! level) this can be pointed to famous idol groups and artists who are behind the promotion of the brand.
K-POP has also been used as a way to reel in the population across the globe, especially the youth, by the South Korean government. With initiatives by the Ministry of Culture, Sports and Tourism for the global establishment of Korean Culture Centers with the primary aim to promote the Korean culture, facilitate and encourage cultural exchanges. Phew! K-POP surely is a global phenomenon, isn’t ?
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