Korean content is emerging as a global phenomenon as Korea continues with a variety of convergent content, including movies, series, music, webtoons and games. Following the coronavirus pandemic, Korean content industry exports reached an all-time high, cementing its position as a major pillar in the global content market. More than 60% of Netflix subscribers worldwide watched at least one Korean title in the last year; a situation that generated that this type of content represents 6.63% of the top 10 global content on the same platform, ranking second worldwide.
The generational change centered on Generation Z is playing an important role in driving Korean content globally. Unlike previous generations, who mostly enjoyed Hollywood content, people born between 1997 and 2012 value cultural diversity, and choose Korean content because it incorporates diverse social issues into pop culture in a fun and meaningful way, breaking away from traditional stereotypes.
The rise of this content as a trend can be attributed to its content planning skills: events such as KCON and KCON:TACT 4 U are some examples of this strategy that allows for the direct participation of global fandoms.
Korean content is a trend that has been developing for decades, based on investment, planning and generational trends. Since the 1990s, Korean dramas managed to monopolize all of Asia; such is the example of What is Love, a fiction that was aired in China and started the massive export of this type of content throughout the country. Later, Korean series reached Japan and Southeast Asia. In the early 2000s, Korean content landed in Latin America and the Middle East, and after becoming a worldwide success, it managed to penetrate the United States market.
This content is a constant trend, created by strong broadcasting, technology and creative industries, government agencies and accelerated by social changes. For several decades, Korean content agencies have been investing in training and infrastructure to achieve success. Generation Z is thus one of the first to create fandoms dedicated to KPOP music bands such as BTS, EXO, Monsta X, Red Velvet and Black Pink.
The South Korean government supported the audiovisual and entertainment industry with subsidies. In 2020, the industry’s total sales revenue amounted to around 128.3 trillion South Korean won, with Korean dramas being at the forefront. 2022 was the year when the Korean Wave achieved worldwide popularity thanks to interest in Korean dramas and movies, along with KPOP. The film industry gained recognition after Bong Joon-ho’s Parasite won the Academy Award for “Best Picture” in 2020.
South Korea’s creative industry has become the center of attention, and this has made cultural trends a keyword for marketers around the world. In addition to the content that is broadcast on major OTT platforms, ‘Web Series’ are very popular in Korea, where each one has a clear concept and purpose, being useful for viewers: the most popular ones are Nego King, Workman and Turkeys.
In addition to KPOP along with South Korean series and movies, webtoons are trending: readers access them online through mobile screens. The trend is becoming increasingly popular worldwide and a growing number of popular webtoons are being adapted as movies and TV shows. According to a 2020 survey, the most popular webtoon was ‘The Sound of Your Heart’.
As for the Korean audiovisual and entertainment industry in the first semester of 2023, Media Partners Asia claims that premium VOD content captured 50% of the SVOD audience and 42% of the freemium audience, with a record 58 million VOD users tuning into new East Asian territories (Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam). Meanwhile, The Korean Wave report claims that Korean content dominates a large share of its local market and an increasing proportion of other markets. Among the productions maintaining this success are The Squid Game and dramas The Glory, TaxiDriver and Physical 100. While Netflix is the main OTT platform driving demand for Korean SVOD content in the region, Viu leads significant freemium demand in Southeast Asia. Other platforms with investment in Korean content and growing reach include Tving and Wavve, along with Disney+ and Amazon Prime Video.
Dhivya T, chief content information officer at MPA, said: ‘While romance and comedy have historically been the definitive Korean drama genres, increasing investment by VOD platforms looking to differentiate and elevate their K offerings has enabled the rise of crime, suspense, sci-fi and fantasy genres and unscripted formats, broadening the audience for Korean content. We expect Korea to maintain its strength as the leading online roaming content category in the region, as total online video investment in Korean content is estimated to exceed $1.9 billion by 2024. Beyond Korea, strong engagement with Chinese and Thai content in the region is promising and points to potential further diversification of impactful Asian entertainment with regional travel capabilities’.
Francisco Ferreyra
