South Korea has long been known for its manufacturing prowess, but the Netflix hit Squid Game is taking the country’s cultural clout to another level that augurs well for a new driver of economic growth.
While Korean pop acts and TV dramas have been scoring hits overseas for years, only a handful — boy band BTS, for example — have managed to win many fans outside of Asia. Squid Game, set to become the most-watched show worldwide on Netflix, is changing all that.
Building on the success of last year’s Oscar-winning film Parasite, the new Netflix show about indebted people fighting in a deadly survival game has caught the global mood and is projecting Korea’s growing soft power. It could also help make the country’s cultural exports into much bigger economic contributors.
Netflix says its business last year added US$1.9 billion to Korea’s economy, but overall the entertainment industry is starting to pull more weight.
The size of Korea’s content industry is small relative to the vast manufacturing sector, but has been growing steadily. Content exports totaled US$10.8 billion last year, roughly one tenth of chips — Korea’s main cash cow — but already earning more than some other key export items such as household appliances and cosmetics.
The value of Korea’s entertainment exports, which include publishing, games, music, movies and TV shows, rose 6.3 percent last year even as overall shipments of goods fell 5.4 percent due to the pandemic.
Even consumer products related to the so-called Korean wave, such as cosmetics, clothes and food items, rose 5.5 percent last year, according to a report by the Korea Foundation for International Cultural Exchange.
The popularity of Korean soap operas and idol stars led to a surge in Chinese visitors in the years before COVID struck, but that over-reliance has become a vulnerability for the tourism industry.
When relations between the two nations sourced in 2017 over the deployment of the THAAD US missile defense system in Korea, a Chinese ban on tourists to the country sent overall arrivals plunging. That shaved 0.4 percentage points off GDP growth that year.
Among total inbound tourists, 13 percent are estimated to have visited Korea in 2019 specifically for the purpose of experiencing pop culture and attending fan events, with their spending totaling US$2.7 billion that year, according to KOFICE.
Korea’s key challenge is to broaden its visitor base beyond Asia, and the growing appeal of its pop culture aids that mission.
While still small in size, entertainment is one of Korea’s fastest-growing sectors along with technology. The number of workers in creative and artistic services grew 27 percent between 2009 and 2019, while that in manufacturing, a traditional engine for economic growth, increased 20 percent in the same period, according to data from the website of Statistics Korea.
In a report last month, Netflix said it helped create 16,000 full-time jobs in Korea from 2016 to last year across entertainment and related industries. The firm estimates it contributed US$4.7 billion to the economy in the period.
Oct. 18 to Oct.24 To chief engineer Kinsuke Hasegawa, the completion of the Taiwan Railway Hotel was just as important as the launch of Taiwan’s first north-south railroad. Many guests — most notably Japan’s Prince Kotohito — would be coming to Taiwan for the Western Trunk Line’s inauguration ceremony on Oct 24, 1908, and it was imperative to host them at the extremely lavish new establishment. Hasegawa personally presided over its construction for the final months, which carried on day and night with over 1,200 workers toiling in shifts. They just made it — four days before the official ceremony. Designed
It’s not even a road yet. At the moment it is merely a hint of upturned sod off Highway 11. When I visited last week the digger was sitting there unattended for the holiday. And yet, there it was, terrifying. On the site plan the locals obtained, the road goes down to the south end of Taitung County’s Shanyuan (杉原) Beach. That beach now hosts the infamous Miramar hotel, built on land taken from aborigines by the government in 1987 and handed over to a developer to build a hotel in 2004 as a build-operate-transfer (BOT) project. The hotel became the
Wu Shih-hung (吳識鴻) isn’t an avid reader of comics or Taiwanese literature. An animator by trade, Wu first became involved with Fisfisa Media (目宿媒體) through its acclaimed documentary series on Taiwanese writers, contributing his distinct ink brush-style artwork to the 2011 feature on Wang Wen-hsing (王文興), The Man behind the Book (尋找背海的人). “When I first joined the company, people were talking about how good the animations in The Man behind the Book were,” editor of Fisfisa’s comic division Lee Pei-chih (李佩芝) says. “Every new employee had to watch it.” When Fisfisa decided to launch its long-discussed comic venture featuring acclaimed
Jazz is back, but just don’t call it a festival as the Give Me Five concert series is set to kick off tomorrow in Taichung. Running through Oct. 31, the small-scale performances take the place of the annual jazz festival, which was canceled for a second year in a row due to the COVID-19 pandemic. In years past, the multi-day event attracted hundreds of thousands of spectators. “It’s totally different this year,” Hsiao Jing-ping (蕭靜萍), head of performing arts for the city’s Cultural Affairs Bureau, says. Nearly 30 traditional and contemporary jazz bands will perform at venues throughout the city. The old