From K-pop sensation BTS to the Oscar-winning movie Parasite, South Korea’s Hallyu, or Korean Wave of cultural exports is flourishing. Data from the Bank of Korea (BOK) shows that last year, the country saw exports of cultural intellectual property, covering areas from music to movies and video games, reach a record $9.85 billion, marking a significant leap from just $1.23 billion in 2010.
While pop music has become well known globally in recent years, it is the video games industry that has pulled in the most money from intellectual property exports. In 2024, the Korean games industry had an export value of $5.13 billion, which is more than that of Korea’s music, movie, broadcast, animation and advertising industries combined.
BOK data shows that while Korea’s exports of intellectual property have continued to grow over the past decade, they still represent just 1.4 percent of the country’s total goods exports, which rose to $696.2 billion in 2024. According to Reuters, while the country’s entertainment industry faces challenges such as rising production costs, weak box-office returns and the threat from AI, the Korean government is supportive of the Korean Wave growth, with plans to expand cultural exports to 50 trillion won ($36 billion) by 2030.
