K-Content Competitiveness Rapidly Grows... Export Market Share Rises from 15th to 5th Worldwide

$5 Billion in 2019, 5 Times Higher Than in 2004

As various K-content achieves good results in the global market, the competitiveness of Korean content is rapidly growing.

K-Content.
Photo by Asia Economy DB

On the 31st, the Korea Culture and Tourism Institute announced in 'Content Industry Trend Brief No. 2' published in 'International Competitiveness of Korean Content Examined through Cultural Products' that the export scale of Korean content-related cultural products was about 5 billion USD in 2019, a fivefold increase compared to 2004. During the same period, Korea's export market share rose from 15th to 5th place worldwide.

In the report, the Korea Culture and Tourism Institute explained that by examining Korea's international competitiveness of content-related cultural products through the international competitiveness index, it confirmed ▲securing comparative advantage in content exports ▲transition from a net importer to a net exporter ▲growth faster than the global market growth. In particular, compared to major countries, Korea's international competitiveness in content has significantly strengthened over the past 15 years, especially in the last 5 years.

The Korea Culture and Tourism Institute is publishing the 'Content Industry Trend Brief.' Following the inaugural issue, 'Content Consumption Gap and Outlook in the Endemic Era,' the second issue analyzed the international competitiveness of Korean content-related cultural products using cultural domains and statistics defined by UNESCO.

Lee Yong-gwan, head of the Hallyu Economy Research Team at the Korea Culture and Tourism Institute, said, "Although this analysis used data prior to COVID-19, considering various phenomena and statistics that confirm the increase in exports and status changes of Korean content, it is expected that the international competitiveness of Korean content in the global market will be further strengthened."

Kim Se-won, president of the Korea Culture and Tourism Institute, stated, "Until now, there has been a lack of information to confirm international influence due to issues such as the scope of content and consistency with international standards. It is highly significant that we have demonstrated the international status of Korean content through international comparative analysis using data from international organizations."

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