From K-pop to K-beauty, via film and fashion, South Korea is punching above its weight on the world stage. The boyband BTS alone rakes in billions annually, and the phenomenon shows no sign of slowing down. Western studios now speak of a Korean 'gold rush', with Netflix announcing $2.5bn in investment in South Korean projects over the next four years, led by a second season of Squid Game. Disney and Apple TV+ are also commissioning more South Korean shows.
Even the BBC has joined the trend, launching Gangnam Project in February, a coming-of-age series about becoming a K-pop superstar. The BBC's head of commissioning for 7-12-year-olds, Sarah Muller, noted: 'South Korea is the modern centre of the creative world.' The country has come a long way since the 1988 Seoul Olympics marked its emergence from military rule. Now, the surging currents of Hallyu (the Korean wave) have cemented its credentials as a cultural superpower.
'The Korean wave is a newfound source of pride and confidence for South Koreans,' says Inkyu Kang, a professor of digital journalism at Penn State University. The phenomenon has developed alongside the country's remarkable economic growth since the Korean war. Some frame this cultural advance as a government-led mission, but others see it as a fruitful public-private effort. A spokesperson for the Hallyu content cooperation division at South Korea's ministry of culture, sports and tourism explains: 'The global success of the Korean wave is naturally the result of private sector efforts, but the government indirectly supports its spread by creating a foundation for the private sector to unleash its creativity.'
The ministry acts as an umbrella organisation for bodies that shape promotional and creative policies, backed by trillions of won in government funding. A new generation of creators has been nurtured through freeing up private enterprise with loans, tax breaks and investment in institutions such as the Korean Academy of Film Arts and the Busan International Film Festival. The ever-expanding parameters of the K-genre now encompass not only pop music, TV and film, but also beauty, fashion, cuisine and literature.
