In the 1960s, Korea was still one of the poorest countries in the world with an average income per capita of only 87 USD in 1962 and the name "Korea" was not known, cared about, or paid much attention to by the world. But with a strong will and correct development policies, Korea today is known to the world not only as one of the 10 economic powers in the world with a GDP in 2011 of up to 832.5 billion USD (nearly equal to the GDP of 10 ASEAN countries combined) and an average income per capita of 28,100 USD (and 28 times the average of Vietnam) with many famous consumer products available everywhere, in every country and region in the world.
Contributing to the miraculous leap of the Korean economy is the role of the cultural content industry with the wave of K-pop, K-drama... exporting culture to the world. One of the radical changes that made the success was the shift in cultural policy from political control to considering culture as the focus of export-oriented economic development strategies in the early 1990s. The policy of developing cultural industries was implemented synchronously with the government's investment in other strategic industries such as information technology and communications, directing this industry towards "exporting" cultural products with Korean brands to the world.
The Korean government advocates the methodization and liberalization of the fashion, cosmetics, music, and film industries, making Korea a shopping and audiovisual center of the entire continent.
South Korea "exports" culture to the world
For a decade, the country has invested heavily in the Korean Wave, or Hallyu, of Korean television dramas, Korean pop music and Korean cinema, and the Academy's acclaim is proof that this cultural wave has reached Hollywood.
For Korea, it is an opportunity to market, promote culture and use national culture to influence and impact other countries.
In 2009, South Korean President Lee Myung-bak asserted: “Culture will be the decisive economic capital in the 21st century. We need to build a system in which everyone, regardless of where they live or what social class they belong to, can experience culture in their daily lives.” He believed that a country with the most advanced and developed economy is not simply one with a high income, but one with a highly developed culture that is balanced with economic development.
Culture contributes to helping Korea reach international stature
In the field of cinema, Korea absorbs the quintessence of world cinema, creates a style and imprints with strong Korean identity, combined with grasping the psychology of domestic youth, film settings close to life, film content and actors are carefully selected, special effects, budget, scale... all are given special attention. The results of those investments can be mentioned as the blockbuster "Parasite" (Parasite) won the 2020 Oscar for best film. The resounding success of "Parasite" is not a coincidence but the result of a long-term and methodical investment process of the Korean film industry.
Parasite brought a media explosion, affirming the position of Korean cinema
The Korean film industry has developed into one of the most dynamic markets in the world. In 2019, the size of the Korean film market was estimated at 2.2 billion USD with more than 226 million audiences. During the period 2020-2021, the Covid-19 pandemic had a significant impact on many fields, but the total size of the Korean film market in 2021 still reached the dream figure of 893 million USD.
Along with the expansion in cinema, South Korea has become the sixth largest music market in the world and the second largest in Asia. In 2021, the total value of the South Korean music market is estimated to reach 6 billion USD. Despite the continuous cancellation or postponement of live music events in 2021 due to Covid-19, K-pop is expected to continue to grow thanks to the global success of famous groups such as BTS and Blackpink. “Bangtan Economy” is the nickname given to BTS as a recognition for their contribution to South Korean culture, economy and industry.
BTS has become a global phenomenon
Bringing literature to the world with the Nobel Prize
The news of Korean author Han Kang winning the 2024 Nobel Prize in Literature has quickly spread throughout the global publishing world, evoking a variety of emotions and reactions. This is not only a matter of personal pride for Han Kang, but also an important milestone for Korean literature, and has sparked discussions about the change and integration of Asian literature on the international stage.
Books by writer Han Kang are displayed after she was announced as the winner of the 2024 Nobel Prize in Literature at the Swedish Academy in Stockholm.
About a decade ago, with a clear strategic vision, the Korean government embarked on an ambitious journey: to put Korean culture on the world literary map and conquer the most prestigious awards.
To realize this goal, the Ministry of Culture of Korea has pioneered the establishment of the Literature Translation Institute (LTI), an ambitious initiative to promote the spread of Korean literature globally. The program is designed with a dual goal: not only to promote the country’s outstanding literary works but also to nurture a generation of professional translators who will serve as an important bridge between Korean culture and the world.
More than half a million copies of Han Kang's books sold in four days thanks to the Nobel Prize for Literature
LTI’s efforts have created a strong ripple effect. The Institute has sponsored the translation of entire literary works, even before they have found publishers, demonstrating absolute confidence in the intrinsic value of Korean literature. In addition, LTI has actively supported Korean writers to participate in international literary events, creating opportunities for them to exchange, share and introduce their works to readers around the world. Not stopping there, LTI has also invited international editors and literary critics to visit Korea, helping them gain a deeper insight into Korean culture and people, thereby creating favorable conditions for publishing and promoting Korean literary works in the international market.
In 2016, The New Yorker provocatively asked: “Can a major government effort bring the Nobel Prize in Literature to South Korea?” And in 2024, the victory of writer Han Kang, whose works of “intensely poetic prose confront past traumas and expose the fragility of human life,” has made Korean literature famous.
The Korean literary community hopes that Han Kang’s Nobel Prize win will help the country’s literature gain the same attention that films and television shows have. “Thanks to Korean films first, people have recognized that Koreans are very good storytellers… Korea not only makes films and music, we also have an incredible wealth of literature.”
