Unlocking valuable insights: The Korean Wave’s impact on the Philippine creative economy
The Korean Wave (Hallyu) represents a global phenomenon of Korean popular culture with household names like BTS, Blackpink, and the drama “Crash Landing on You” captivating audiences worldwide. Hallyu has significantly contributed to the Korean economy in recent years. According to the Korea Foundation for International Cultural Exchange cited by Park (2019), Hallyu-related exports amounted to $9.48 billion in 2018, marking a 9.1 percent increase from the previous year. Cultural content industries, including games, music, and broadcasting, experienced the highest growth, totaling $4.42 billion.
On August 21, 2020, the K-Pop group BTS released their full English song, “Dynamite.” According to a government study, the song brought in $1.4 billion for the South Korean economy and created thousands of jobs. The study analyzed sales data from BTS’s label, Big Hit Entertainment, combining statistics from Google Trends, the Bank of Korea, and South Korea’s Customs (France-Presse, 2020).