Korea's Cultural Economy and the Rise of Pop Culture The Korean Wave (Hallyu) is a word used to characterize South Korea's cultural economy, which exports pop culture, entertainment, music, television dramas, and films to the rest of the world.
Hallyu is a Chinese word that means "Korean Wave" in English. It's a catch-all term for Korean culture and popular culture, which encompasses everything from music to movies to drama to online games to Korean cuisine, to name a few examples. During his state visit to Korea in March 2012, US President Barack Obama emphasized the Korean Wave, which the Korean government had designated to be the country's top priority. Visit Kissasian site for more information about how to watch Asian drama.
South Korea is one of the few, if not the only, countries with the ambition of becoming the world's main supplier of popular culture. It's a way for Korea to hone its "soft power," as it's known. In 1990, Harvard political scientist Joseph Nye coined the term "soft power." It is the intangible power that a country wields through its image rather than force. Hard force can take the form of military or economic power. The United States persuaded the rest of the world to buy Levi's jeans, Apple iPhones, Marlboro cigarettes, Coca-Cola soft drinks, and Hollywood movies by generating a desirable image. A one-of-a-kind representation of cool.
Hallyu was first introduced to China and Japan, then to Southeast Asia and a number of other countries across the world, where it has a substantial following. A 50-year ban on the exchange of popular culture between Korea and Japan was largely lifted in 2000, allowing Korean culture to thrive among Japanese audiences. The broadcasting authorities in South Korea have dispatched delegations to a number of countries to promote their television programs and cultural content.
Korea's economy, culture, and public image have all benefited from Hallyu. Since its inception in early 1999, Hallyu has become one of Asia's most popular cultural movements. In 2004, the Hallyu impact accounted for around 0.2 percent of Korea's GDP, or USD 1.87 billion. Hallyu was predicted to contribute USD 12.3 billion to the Korean economy in 2019.
Over the previous two decades, South Korea has transformed into a prosperous and forward-thinking nation. In 1965, Korea's GDP per capita was lower than Ghana's. South Korea's economy is presently the 12th largest in the world.
The beginnings of Hallyu According to popular media in the region, the origins of Hallyu may be traced back to a couple of movies and TV dramas that aired in 1999. "Swiri," a stirring film about North Korean/South Korean espionage released in 1999, gave Hallyu a public face as its popularity increased throughout Southeast Asia. In the year 2000, Swiri was followed by "Autumn in My Heart," a drama that maintained the suspense produced by Swiri. "My Sassy Girl" came out in 2001, and "Winter Sonata" came out in 2004. All of these became extremely popular not only in Korea, but also in Singapore, Japan, Taiwan, Hong Kong, China, and Vietnam. The success of these entertainment products sparked a lot of debate over how mainstream Korean culture is becoming. Regional news organizations were quick to pick up on the hints and declare Hallyu's birth.
Despite the fact that this was Hallyu's public face, the group's roots go back far more. Five important variables played a significant role in the development of the Korean wave:
The limitation on native Koreans traveling overseas should be lifted: The decision by the Korean government to abolish the ban on Koreans traveling overseas in the early 1990s was perhaps the most important factor in paving the way for Hallyu. A large number of Koreans were able to go to the western world, especially the United States and Europe, as a result of this. Many chose to complete their study in these countries, while others started their careers in famous firms in Europe and the United States before returning to Korea in the late 1990s. These western-educated Koreans brought with them new business practices, sophisticated interpretations of art, film, and music, and new means of self-expression. As a result, a big pool of young, highly skilled people has arisen, eager to learn more about the opportunities in Korea.
Korean chaebol restructuring: At the same time that the embargo was repealed, Asia (including Korea) was wracked by the 1997-98 Asian financial crisis. A perfect combination of bad debt, lender panic, and regional economic woes triggered the Asian financial crisis. In December 1997, the Korean government borrowed USD 97 billion from the IMF (International Monetary Fund). They barely utilized $19.5 billion, and the loan was paid off three years early in 2001. Korea had been a poor country only a few years before to the Asian financial crisis, and it had learnt the hard way how to rise above it. As a result, every care was made to repay the loan and return to normalcy in a timely manner.
As a result of the crisis, Korea's image suffered significantly, as many global stakeholders continued to assume the country was in bad shape, leading in a loss of foreign direct investment, a lack of tourists, and global distrust. To address this, incoming President Kim Dae-Jung and the Korean head of global PR agency Edelman co-authored "Korea: On Course – and Open for Business," a book aimed at overseas investors.