FT News Briefing The South Korean ‘wave’ has gone global
Oct 25, 2021
Tensions rise as Poland's prime minister confronts the EU over funding demands. In the Central African Republic, Russian mercenaries wreak havoc, highlighting escalating global conflicts. South Korea's pop culture, from K-pop to films, has swept the globe, but faces challenges due to shifting preferences in China. The podcast delves into the impact of regulations on South Korean entertainment companies as they navigate this new landscape. Meanwhile, Fox News tries to adapt to changing audience interests with a new weather streaming app.
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Korean Wave's Success
- South Korea's pop culture industry, including K-pop, video games, and dramas, is booming, exceeding $100 billion annually.
- This success stems from replicable formulas blending drama, romance, and intrigue, appealing to broad audiences.
Economic Importance of Pop Culture
- South Korea's pop culture industry is vital to its economy due to the country's limited natural resources and geopolitical constraints.
- The industry's significance is acknowledged by both audiences and investors, contributing to its growth.
China's Role in Korean Wave
- The Chinese market accounts for over half of South Korea's entertainment industry revenue, driven by Korean-developed games and partnerships with tech giants like Tencent.
- Korean pop culture's popularity in China creates lucrative marketing opportunities for various Korean products, using K-pop stars in advertisements.