A rapid expansion of the Korean culture industry
After the financial crisis in 1997, Korea set “saving Korea through culture” as its basic policy and considered the culture industry as its strategic economic pillar industry. From 2008 to 2011, the exporting scale of Korean cultural products increased by 22.5% per year, and the gross foreign export value of cultural products reached 4.32 billion dollars in 2012, with a year-on-year growth of 34.9%.
Korean dramas: the key to open the door to the world
From Endless Love, Miss Mermaid, to The Man from The Star, Korean dramas draw Asian people, especially the attention of Asian women, and play an important role on the international film stage. According to the KOFIC (Korean Film Council), an increasing amount of money is being spent on marketing Korean films to boost audience growth. Each $100 increase in spending on exporting Korean cultural products can attribute to a $481 increase of other Korean exporting products. “Traditional culture, diet, Korean customs, tourism are all included in the dramas, so accompanied with Korean dramas’ spread, an all-aspect consumption can be predicted,” said a professor work in Seoul University.
Online Gaming Gives Competitive Edge
The United States is viewed as the homeplace of online games. However, Korea is competing in this field as well. Although Korean online games seem to be losing their markets in Asian countries, games like Crazyracing Kartrider are still topping the list of the most popular online games.
Government is the strong backup force
The development of the Korean cultural industry is strongly supported by the Korean government. To introduce the competitive mechanism to Korean filmdom, the government cancelled the screen quota in 2006, and since then, Korean films have been booming instead of becoming depressed.
The growth of exporting value of Korean online games is closely related to the Korean government’s support. The government set up technical support centers to keep online gaming companies equipped with the most advanced techniques and equipment, and it makes those companies exempted from tax to relieve their burdens.
Many rules and regulations are published to provide legal protection for the culture industry. Awards are set to encourage companies to innovate, and the government keeps doing a lot to fight for the rights of Korean culture industry overseas.