[Initial Perspective] Looking Forward to 'Ageless' K-Content

Employees are showcasing character merchandise at the Pok?mon popup store.

[Asia Economy Reporter Seo So-jeong] "Why doesn't Ji-woo age?"

My kindergarten-aged daughter, who joined the Pok?mon craze late, asked about the age of the main character Ji-woo. Pok?mon is one of Japan's longest-running animations, featuring Ji-woo from the Kanto region who receives Pikachu and Pok? Balls from Professor Oak and sets off on a journey to become a Pok?mon Master. When I told her, "Pikachu was very popular when I was in school," she looked wide-eyed, seemingly unable to grasp it, and asked again. Pok?mon first aired in Japan in 1997 and in Korea in 1999, so it has been over 20 years, but from a child's perspective, Ji-woo not aging must seem quite amazing.

Elementary school students' love for Pok?mon remains strong. At the entrance of a large supermarket visited on the weekend, a Pok?mon arcade game called 'Pok?mon Ga-Ol?' was installed, where children as young as five, teenagers, and adults gathered, focusing intently on the monitor and pressing game buttons vigorously. The popularity of the augmented reality mobile game 'Pok?mon GO,' which allows players to catch Pok?mon appearing in the real world, also continues.

Pok?mon characters are thriving everywhere through various collaborations. The sticker albums and Pok?mon cards included in 'Pok?mon Bread' have become essential items for elementary students, making the Japanese company holding the copyrights, The Pok?mon Company, quietly pleased. According to the global entertainment group Smilegate, the revenue generated by the Pok?mon intellectual property (IP) amounts to approximately $105 billion (about 151 trillion KRW). Pok?mon Korea also recorded its highest-ever operating profit last year, surpassing 10 billion KRW for the first time.

The Pok?mon case in Japan offers many lessons for us, who are experiencing a new wave of K-content fever with hits like Squid Game. According to the Bank of Korea, the trade surplus in intellectual property rights in the first half of this year reached a record high of $370 million. Thanks to the huge popularity of K-pop groups like BTS and Blackpink, as well as K-dramas produced domestically, the intellectual property trade balance, which had been in deficit for years, achieved its largest surplus. The Bank of Korea stated, "The surplus was generated as dramas produced by Korean companies were sold to overseas online video services (OTT) such as Netflix," adding, "If the content industry grows qualitatively and the profit-sharing ratio increases, the intellectual property trade balance could improve sharply."

One of the secrets to Pok?mon's popularity is the 'summoning of nostalgia.' Parents who saw Pikachu during their school days now share those memories with their children, increasing its appeal. The original manga of the popular Japanese character Doraemon began serialization in 1970 and remains popular even after 50 years. This is also a testament to the strength of Japanese content, which boasts some of the longest-running theatrical animation series.

According to the Export-Import Bank of Korea, the production inducement effect per $100 million of K-content exports, including consumer goods exports, is estimated at $510 million (about 720 billion KRW). Korea's projected GDP per capita this year (in dollars) is $33,591, narrowing the gap with Japan ($34,357) to the smallest ever. Considering the past economic disparity with Japan, this is remarkable growth. Although the status of K-content has changed dramatically compared to the past, there is still a long way to go compared to Japan. To sustain the current peak of the Korean Wave, sustainable content rather than one-off hits is necessary. Just as Pok?mon has lasted for generations, Korea needs 'ageless characters and evolving content.' I sincerely hope that K-content will emerge that can be cherished with grandchildren decades from now.

This content was produced with the assistance of AI translation services.