Sayart.net - HALLYU WHITE PAPER 2022: A Comprehensive Guidebook to the Hallyu

Challenges and Achievements in the Post-COVID Era

Courtesy of KOFICE

The comprehensive guidebook on Hallyu, "HALLYU WHITE PAPER 2022," showcasing the challenges and remarkable achievements of the Hallyu (the Korean Wave) in the post-COVID era, has been published.

The white paper, published by the Korea Foundation for International Culture Exchange (KOFICE), highlights the rapid expansion of Hallyu in terms of quantity and quality, leading the significant changes in the media landscape since the content revolution of "Squid Game." It also sheds light on the current status of Hallyu, which has connected the world as a global cultural phenomenon, preparing for the endemic era.

▲ HALLYU WHITE PAPER 2022, Courtesy of KOFICE

The KOFICE said, "this book meticulously examines the current status and prospects of Hallyu by sector, covering 6 major cultural content categories and 2 major consumer goods and services (beauty and food) industries, and reflects the trends of the global market, which is being reorganized around online platforms." The publication also analyzes government policy on Hallyu to provide insight into its sustainability and the government's efforts to expand it.

According to the Hallyu White Paper, in the broadcasting sector, K-dramas, such as Extraordinary Attorney Woo (이상한 변호사 우영우), All of Us Are Dead (지금 우리 학교는), Pachinko (파친코) have achieved worldwide success and continue to face numerous challenges through OTT services. Traditionally, public TV and cable broadcasting companies (PPs: Product Providers) have led video exports, but last year, independent productions (hereinafter referred to as IPCs)' exports overtook public and PPs for the first time.

Regarding this development, KOFICE said, "the growth of IPCs' direct export of programs to various OTT platforms, including Netflix, is a significant result of the industry's reorganization around OTT services. This shift also signals the emergence of IPCs as the key exporters of broadcast programs."

The White Paper also highlighted the remarkable quantitative growth of Korean films during the pandemic, achieving $71.44 million in overseas sales, a 66% increase from the previous year. This result is due to the combined effects of the return of face-to-face global film markets, the increased status of 'K' brands, the diversification of the Korean film portfolio, and the increase in the average export price per film.

And released by the Korea Creative Content Agency, the Korean entertainment industry has continued to grow and make a significant impact on the global market. The report highlights the achievements of the K-pop industry, which saw new acts emerge and make a mark, even as leading groups like BTS took a hiatus for military service. The physical album sales and export revenue of the K-pop industry surpassed previous records, with growth seen not only in traditional markets like China and Japan but also in other regions.

The Korean gaming industry also achieved significant milestones, with the market size surpassing $17.9 billion for the first time, and the industry making a comeback in terms of exports despite the COVID-19 pandemic.

The KOFICE said, "positive achievements include the overseas spread of Korean games through global platforms like Steam, the issuance of foreign publication licenses for seven Korean games by the Chinese government, and Korea's hosting of the 2023 League of Legends World Championship. As for future issues to watch, the response to the inclusion of a gaming disorder in the World Health Organization's International Classification of Diseases was identified."

Next, the white paper covered the rapid growth of the digital comic market, including webtoons. Exports have shown an average annual growth rate of 25.5% since 2017, and this trend continued in 2022, with estimated export revenue of around $56 million, a 27.9% increase from the same period last year.

The white paper stated, "The Korean cartoon and webtoon industry has gone beyond simply exporting webtoon content overseas, led by Naver and Kakao. They have expanded their market and increased exports by providing webtoon platform services, relocating their headquarters overseas, or acquiring webtoon companies in that country."

▲ Jung Kilhwa, President of KOFICE, Courtesy of KOFICE

Jung Kilhwa, President of the KOFICE explained the purpose of the publication, said "At this point in time, when the global society has moved from a pandemic to an endemic, the Hallyu White Paper 2022 examines Korean content industry and government's agile movements toward global consumers and provides in-depth perspectives and forecasts."

The 'HALLYU WHITE PAPER 2022' can be downloaded from the website of the KOFICE(kofice.or.kr), and can be purchased from the Kyobo Bookstore's regular publication corner starting May 12th.

Meanwhile, KOFICE is a government-designated institution for international cultural exchange, working to promote cultural exchange across borders through events, networking, research, and training programs. Its vision is to connect Korea and the world through culture, and it aims to serve as a foundation for win-win cultural development by connecting people and exchanging cultures globally.

Sayart.net
Jason Cs Yim, yimjongho1969@gmail.com