If you have accessed Netflix, then you would have definitely watched ‘Squid Game.’ This South Korean series has gained 111 million views in a period of 30 days. That is the largest premiere in history as far as the performance of Netflix is concerned. However, South Korea’s cultural influence does not culminate at the show.
An example of such a moment is when the boyband K-pop BTS won the award for Artist of the Year at the American Music Awards. In 2020, a non-English-speaking film called “Parasite” won an Academy Award. These are just a few examples of how South Korea’s influence ripples the globe. This phenomenon, popularly referred to as the ‘Hallyu Wave,’ is shaping consumer behavior and business models globally in different ways.
What Lies Beneath the Hallyu Wave
What does Samsung, Hyundai, and LG Electronics have in common? They are all South Korean brands. Korea is famous for its technology, but exports much more than a product. South Korean culture is the real global export.
Try to recall the Korean dishes you have tasted after watching a K-drama or clothes you purchased because of a K-pop idol wearing them. There’s a ripple effect in the food, tourism, and the fashion industry because of K-dramas and K-pop.
The Rise of South Korean Dramas
South Korean dramas have a history dating as far back as the 1960s, though their popularity increased recently. Much change came due to the COVID-19 pandemic, during which time people locked up inside their apartments decided to entertain themselves through watching Korean dramas.
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Such popular K-dramas like “Squid Game” and “Extraordinary Attorney Woo” caught attention around the world. With this success, Netflix invested $2.5 billion in Korean content for the next four years. India alone has seen a 370% rise in watching K-dramas in 2020 in comparison to the previous year. A series like “Crash Landing on You” opened up fan groups and party nights viewing, nationwide across India.
Another massive cultural export is K-pop. Statistics revealed that by 2018 alone, BTS has contributed approximately $5 million to South Korea’s economy. The world of K-pop has made great strides with the creation of groups BLACKPINK and EXO, marking them as global forces in the industry. By the end of 2022, South Korea’s music business contributed to the highest revenue ever recorded at about 11 trillion won.
India is one country that forms a young population; however, it is worth mentioning that two Indians have already managed to make a mark on K-pop. Sriya Lenka and Aria are names that spring to mind. Even collaborations between Indian artists such as Armaan Malik and the Korean artist Eric Nam add flavor to this cultural exchange process.
Ripple Effects of Korean Culture
Korean culture succeeded in more than just entertainment. Its food culture is soaring as well. A global challenge began after the love for spicy Hot Chicken Flavor Ramen of BTS member Jimin. Samyang Foods raised their revenue by 73% after this publicity.
The number of Korean restaurants worldwide has tripled over the last ten years; it exceeded 40,000 in 2020. This year Korean ramen exports are projected to hit $1 billion-a record, more than doubling its value compared to years ago.
India also follows in the trend. The export value of Korean ramen to India went from $3.7 million in 2019 to $11.28 million in 2023. This is an uptrend wherein Indian consumers are interested in new Korean cuisine trends.
Of course, other beauty care products from Korea are also in the limelight. The lipstick of the lead lady Song Hye-kyo from the popular TV drama “Descendants of the Sun” made it to the best-seller’s list last year 2016. Meanwhile, international luxury brands Cartier achieved their highest sales ever with their collaboration with BTS member V.
India is joining the bandwagon too in embracing the K-beauty trend. The K-beauty market size in India is expected to reach $998 million by 2029. Major companies are launching their product lines in India to capitalize on the rising demand for K-beauty products.
South Korean Soft Power strategy
South Korea is not rising just on entertainment alone; it’s a calculated soft power. It was still very censorship-heavy during the 1960s, suppressing creativity. However, with the success of films like “Jurassic Park,” they changed their game plan.
South Korea’s government started to invest big money in media industries. They set up the Korean Cultural Industry in 1994. Film laws were also reformed in 1996. The Korea Creative Content Agency encourages foreign direct investment. South Korea is placed 15th in the Global Soft Power Index.
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India is at 29th position. Although India possesses great cultural potential, it doesn’t have a more integrated strategy in its soft power.
Can India Repeat This Success?
India, just like South Korea, can boast of a similar rich cultural heritage that will be best replicated in the success seen in the power of softness. India is actually manufacturing between 1,500 to 2,000 films annually, more than any other nation. The box office collection of the Indian film industry registered ₹12,226 crores, hence an increase of 15% from 2022.
Indian music industries are also doing well. After the recent upgradation, Arijit Singh became the most followed musician on Spotify-a position that even Taylor Swift could not reach for long. Not to forget, India’s Yoga and Ayurveda initiatives are some of the best weapons for soft power. Today, International Yoga Day is being observed in more than 177 countries.
India has great promise, but it definitely needs more governmental support. If all these cultural elements are brought together, an “India Wave” can be hoped for in the subsequent years.
