The demand for Korean culture is increasing. BTS (Bangtan Boys), the Korean boy band has rocked the world, attracting fans and hitting the top 10. The Academy Award for Best Picture was given to Parasite after which Korean movies started to appear in theaters worldwide. The Academy Awards recently awarded Best Supporting Actress to Youn Yuh-jung confirming that that Korean entertainment has gone global. Korean dramas such as ‘Forced Landing in Love’ and ‘Kingdom’ have ranked among the top TV shows. K-pop, K-Movies and K-dramas are collectively known as the K-Wave or hallyu. As hallyu builds momentum, companies are jumping on the band wagon adding the letter ‘K’ in front of everything, K-Beauty, K-Battery K-Fashion, K-Health and others.
Hallyu would not have been possible without a long period of investment into promotions. The origins of hallyu can be traced back to Taekwondo (태권도) Korea's national self-defense martial art. Korea showcased Taekwondo at the Seoul Olympics in 1988 and it became an official Olympic sport in 2000. Taekwondo focuses on the importance of discipline and personal/inner character which are blended in Korean culture. Taekwondo cracked open the door generating international interest in Korean culture.
Korean food, especially kimchi, is another early steppingstone for expanding awareness of Korean culture. India has curry, Japan has sushi, and Korea has Kimchi. Kimchi was introduced to the world in incremental steps. In 1984, Kimchi was first served in the Olympic village in Los Angeles, the location of the largest Korean population in the US. In 2006, there were reports that Kimchi was one of world’s five healthiest foods. Kimjang, the Kimchi making process, was nominated as an Intangible Cultural Heritage of Humanity by UNESCO in 2013. Kimchi and Korean food have come to the attention of the world.
The computer gaming industry was another sector that generated global interest in Korea. StarCraft, a real-time strategy (RTS) computer game, changed the image of Korean gamers. Korean StarCraft gamers roamed the world winning top spots in global competitions. However, StarCraft was just the beginning. League of Legends, currently the global top online game, is also lead by Koreans with ‘Faker’ being the most renowned player worldwide. Following the love for games, the e-sports market also grew rapidly attracting more attention to Korea.
Even with the growth of hallyu and Korea's success in movies, music, drama and gaming, the overall awareness of Korea remains surprisingly low. Many people do not even know where Korea is located geographically. Few realize that Korea has the 10th largest economy in the world, exceeding those of Italy, Spain, and larger than those of Thailand, Malaysia, Philippines and Singapore combined. Nor do they realize that companies like Samsung, Hyundai, and LG are based in Korea.
Interest in Korea is growing as companies begin to understand the great potential of the Korean market. This is a fast paced, sophisticated market populated by early adopters and super bloggers. However, there are also difficulties to overcome such as distance, language, culture and non-tariff barriers. Before foraying into the Korean market, do your homework and prepare yourself. Learn about the importance of relationships and groups, the high level of homogeneity, non-verbal communication. When you are ready to capitalize on opportunities here, contact IRC Consulting, we will be happy to guide your way.
