South Korea’s culture boom: An economic cue for Australia?

For decades, ubiquitous South Korean conglomerates, or chaebol, such as Samsung, Hyundai, SK and LG have been the dominant players in the nation’s phenomenal transformation into a global economic force.

Those trailblazers now have some competition. In line with the rise of South Korea’s cultural economy, K-pop bands such as BTS and BLACKPINK have an adoring fan base around the world.

Films such as Academy Award-winner Parasite and Netflix’s Squid Game have received global cinematic acclaim.

Likewise, brands such as Innisfree and Sulwhasoo have powered a South Korean beauty industry that is lauded for its innovative skincare and cosmetic products.

Research values South Korea’s cultural content market at about US$84.3 billion, ranking it as the seventh largest in the world [see breakout]. Not bad for a country with a population of just over 50 million.

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