news

한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina

July 15 news, according to the popular short video applicationTikTokAccording to a new study released by Kantar, a market analysis company, by 2030, the global demand forK-PopSpending on cultural products will nearly double to $143 billion.

Social media platforms have greatly promoted the popularity of Korean culture, with users expressing their opinions on Korean dramas,South KoreaPop musicTikTok, which initially gained popularity for uploading short videos of young people dancing, has become a gathering place for fans of Korean pop music. In recent years, the platform's content has expanded to include a wider range of Korean culture and traditions.

The report shows that the current market size of "Korean Wave" - ​​an umbrella term for South Korea's cultural exports - is estimated at $76 billion, and viral content around Korean Wave culture will be sold through the United States andSoutheast AsiaThe market growth is expected to be driven by capturing more audiences in key markets such as China, India, Japan, and South Korea. This is expected to lead to an increase in global purchases of Korean consumer goods, services, and entertainment products.

South Korea's cultural output is still relatively small compared with Japan's, but social media is helping to narrow the gap.

ByteDance-owned TikTok is increasing content on topics such as Korean food and Korean dramas, which has boosted user engagement and helped spread memes and sell physical products. For example, sales of turkey noodles soared after U.S. rapper Cardi B reviewed them in a video that garnered nearly 40 million views, sending South Korean noodle maker Samyang Foods Co.’s stock price to a record high this year.

South Korea is known for exporting physical products, such as semiconductors, cars and home appliances, which still dominate the economy. However, the continued expansion of Hallyu culture is having a knock-on effect and is expected to enhance the intangible soft power of South Korea and its brands, and has already created a new generation of multimillionaires from creative fields such as K-pop and webtoons.

In South Korea, TikTok has far fewer users than YouTube and Instagram. Despite TikTok's huge influence in spreading Korean culture internationally, local users prefer to use other social platforms. However, the study found that in the United States and Southeast Asia, about 80% of users were exposed to Korean culture through TikTok.

Sun Xianhao, general manager of global business solutions at TikTok Korea, said: "If you look at the successful cases of the global spread of Hallyu culture, you will find that they are often triggered by secondary creations by Southeast Asian creators. This shows that the Southeast Asian market is becoming a gateway and hub for the global spread of Hallyu culture."

The users' interest in K-pop culture comes as TikTok is expanding its e-commerce business in the United States and Southeast Asia through TikTok Shop. According to TikTok, Korean products are one of the most promising segments on the platform, and more than half of TikTok users have purchased Korean food or cosmetics directly in TikTok Shop.

The report also noted that global spending on Korean music, including concert tickets and content, is expected to rise to about $11.6 billion this year, while spending on Korean beauty products and food is expected to exceed $20 billion each.

The report predicts that this growth momentum is likely to continue into next year. In the United States and Southeast Asia, seven out of ten TikTok users said that their spending on Korean food and beauty products will increase next year. (Chenchen)