Both industries dominate the world but now face fundamental transformation and uncertainty at home
S
outh Korea’s entertainment dominance appears unshakeable. From BTS conquering global charts to Parasite sweeping the Oscars in 2020 and Korean dramas topping Netflix, Korean popular culture has never been more visible. Exports driven by the country’s arts hit a record $15.18bn (£11bn) in 2024, cementing the country’s reputation as a cultural superpower.
But inside South Korea, the two industries that helped build the Korean Wave – cinema and K-pop – are now experiencing fundamental transformations, with their survival strategies potentially undermining the creative foundations of their success.
The decline in cinema is the most dramatic. Admissions – for Korean and international films – have fallen 45% since 2019, from about 226 million to 123 million, while box office revenue has dropped from $1.3bn to $812m.
