South Korea’s Creative Economy: A Case Study on the Hallyu Wave (Korean Wave)

Abstract

Within the last few decades, South Korea has taken over the world and
established itself as a superpower in two distinct areas: entertainment and technology.
The government’s investments in these sectors, as well as its incentives to strengthen the
notions of innovation, creativity, and entrepreneurship in its society, have triggered this
mass transformation. From a sociocultural perspective, there is a phenomenon – or
perhaps prolonged event – that stands out due to its impact in the national economy: the
Hallyu Wave. The current article explores the development of South Korea’s creative economy and its subsequent industries, in order to explain the growth of its entertainment
industry and international popularity. It focuses mainly on the beginning of the Hallyu
Wave and its global spread, thus enhancing the role of K-pop and K-dramas as cultural
assets. In addition to that, this article highlights the South Korean variety shows as
forerunners in the expansion of the country’s creative industries. To conclude, the
socioeconomic impact of the Hallyu Wave is evaluated, as well as its importance to the
development of the nation on multiple levels.