Although growing fast from a low base, thanks to substantial government support and high visibility on the world stage with some recent dramatic successes, the industry's contribution to the economy is still only a fraction of that of manufacturing.
India, Latin America and the Middle East, in particular, are promising new markets for Korean cultural products that have proved global hits, executives of major production firms told Reuters in interviews.
The agency is also running auditions in Latin America to launch another boyband, following last year's U.S. debut of girl group KATSEYE, whose six members hail from four countries.
Still, it is unlikely that cultural exports will replace regular manufacturing anytime soon.
Another firm expanding global business this year is CJ ENM , producer of “Parasite”, which started to supply “K-dramas” to the Middle East and North Africa through a partnership with a regional streaming platform in June.
In the major markets of Japan, Southeast Asia and the United States, the company is widening partnerships, most recently with Amazon Prime Video, to deliver joint productions melding Korean elements with local culture, Cho added.
“India’s game market is still at the early stage compared with other advanced countries,“ said Sean Hyunil Sohn, CEO of game publisher Krafton India, which plans to exploit the potential for growth by adding new genres and types of games.
President Lee Jae Myung, who took office on June 4, has pledged support and investment to make South Korea a “big-five soft power”, aiming to grow the market to 300 trillion won in value and exports to 50 trillion won ($36 billion) by 2030.
The “big five” refers to the categories of music, dramas, webtoons, beauty products and food that are key elements in Lee’s efforts to rebrand South Korea as a cultural power.
For success in the long run, industry experts, and even the central bank, have called for legislative frameworks to help domestic companies compete with global giants such as Netflix .
Jobs created by goods exports grew at a slower rate of 9.9%, although they still accounted for vastly more of the job force, at more than 3.4 million.
South Korea's services sector makes up 58% of gross domestic product, lower than manufacturing-oriented peers Japan and Germany at 70% and 64% each, and most other advanced economies, World Bank data shows - REUTERS
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