The global popularity of South Korea’s cultural economy exporting pop culture, entertainment, music, TV dramas and movies is the Korean Wave (Hallyu). South Korea is one of the only countries in the world, if not the only one, that has a dedicated goal to become the world’s leading exporter of popular culture (pop culture). It is a way for Korea to develop its “soft power”. 

Soft power is a popular term coined in 1990 by Harvard political scientist Joseph Nye. It refers to the intangible power a country wields through its image, rather than through hard force. Hard force refers to military power or economic power. A country's soft power is "its culture (in places where it is attractive to others), its political values (when it lives up to them at home and abroad), and its foreign policies (when others see them as legitimate and having moral authority)."

From the mid-1990s to the mid-2000s, South Korean TV dramas and popular music gained great popularity in Asian countries such as China and Japan. In 1997, when the TV drama entitled What Is Love was aired by the Chinese major state broadcaster China Central Television (CCTV), it ranked second in China’s all-time imported video content. Then, the term Hallyu or the “Korean Wave” first appeared, referring to the global craze for Korean culture. 

The number of Hallyu-related organizations enthusiastic about Korean culture is on the rise. Every year, the number of these organizations increases by 7% and the number of members by 36%. As of 2020, the total number of members who have joined Hallyu-related organizations in all countries around the world has reached nearly 100 million. This is a five-fold increase over five years. The majority of them consist of K-pop fan clubs such as ARMY, BTS’s global official fan club, and BLINK, BLACKPINK’s official fan club. In addition, other organizations and communities are also active in various fields such as South Korean dramas, food, and tourism.

In 2020, the film Parasite, which was nominated in six categories, won four leading awards at the 92nd Academy Awards, including Best Director and Best Picture, which serves as an opportunity to introduce Korean movies around the world.

K-pop, K-drama, and k-food are South Korea’s countries most important soft power which not only helps in the economy of the country but also promotes the country and influences people worldwide, the demand for these has been drastically increasing over the past years making people want to know about the country and visit the country. The industry is worth hundreds of billions and has a greater impact on South Korea’s economy. 

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