K-Pop or Korean music has taken over the world with their beats. First with Psy’s all-time hit, Gangnam Style, and now with BTS’s rise of popularity. With the massive amount of export, we can only imagine the fortunes they gained from this worldwide phenomenon. It turns out that the Korea Creative Content Agency has been counting. They estimated a $5 Billion income from exporting K-Pop only.
The much money came from album selling, music streaming, video streaming, and concert ticket selling. This is outside the export of dramas, TV shows, movies, food, beauty products, and electronics. In total, by 2016, South Korea received an estimated boost of $11.6 billion. It’s from music, dramas, movies, shows, and products export.
So how do the other Korean products attract so many consumers?
One thing is for sure, Koreans did an excellent job marketing their products. They place their products on dramas, movies and TV shows. That way, they make their viewers drool over foods K-Pop idols eat or dream of perfect skin using the K-Beauty products actors use in the drama. Automatically, the demands of Korean food and Korean Beauty products increased from all around the world.
Not only products, but Koreans cleverly use their tourism attractions. They used tourism attractions and landmarks as the background of the dramas. So viewers can’t help but want to visit those places. The result is a significant 76% increase in international arrival between 2011 and 2016.
Of course, they don’t just become rich that easily. The quality of every product is maintained well with various technological innovations. Aesthetic is also a must. Also, a huge amount of money boosted for movie, drama, and TV shows production. K-pop idols and actors are also meticulously trained.
It seems like Koreans give their all in doing things. They don’t just do half and half. After all, isn’t it the critical characters all entrepreneurs must have? With not just one but almost the whole country with that attitude, no wonder South Korea is now the world’s 12th largest economy.
