In 2024, Korea’s entertainment industry has continued showing global influence. It spreads the Hallyu wave worldwide while growing the country’s economy. With billions in revenue, thousands of jobs created, and innovative trends shaping the future, the Korean entertainment industry keeps leading global impact.
Korean Entertainment Global Impact in 2024
The Korean entertainment industry has continued to dominate global pop culture in 2024, not only in music, but also drama, film, and gaming. From record-breaking revenues to boosting Korea’s economy, here are this year’s achievements, trends, and challenges.
Who Dominated Korean Entertainment in 2024?
K-pop Titans
BTS
Even during a military hiatus, BTS proved their staying power with global brand collaborations and solo releases that captivated fans worldwide.
NewJeans
Despite the controversies they have to face in 2024, NewJeans still dominated the K-pop industry. The quintet’s “How Sweet” comeback track set streaming records and earned multiple awards.
IVE and Stray Kids
Both K-pop groups achieved international acclaim, with sold-out tours and multi-million album sales.
Korean Drama and Film Highlights
MOVING
Kang Full’s Webtoon adaptation became Disney+ Korea’s most-watched series.
Queen Woo
The historical drama brought viewers a cinematic masterpiece. Despite the pros and cons, it has been the most-talked Korean drama in 2024.
12.12: The day
The series delivered a daring political narrative that gained worldwide attention, earning widespread acclaim for its thought-provoking storytelling.
Gaming Giants
Krafton
The PUBG x NewJeans collaboration drew millions to the platform, boosting revenue and user engagement.
NCsoft
“Journey of Monarch” dominated the MMORPG market, reinforcing NCsoft’s gaming leadership.
Top Revenue Earners
Highest-Grossing Entertainment Companies
HYBE Corporation
With a diversified portfolio and global concert series, HYBE led the industry with an estimated $1.2 billion in revenue.
SM Entertainment
Due to its strategic global expansion, successful artist management, and innovative multimedia projects that capitalized on the global K-pop boom, SM earned over $950 million in 2024.
JYP Entertainment
JYP Entertainment achieved remarkable revenue growth in 2024. Through its diverse artist portfolio, international touring success, and the strong performance of its strategic partnerships and global ventures, they recorded $820 million.
YG Entertainment
BLACKPINK’s world tour and BABYMONSTER’s debut delivered substantial earnings to YG Entertainment.
Kakao Entertainment
Kakao dominated the webtoon-to-drama adaptations market in 2024, complemented by hit soundtracks and successful content streaming initiatives.
How Korean Entertainment Powers the Economy – Government Revenue Boost
Direct Taxes
In 2024, direct taxes from the entertainment industry demonstrated a significant economic impact on Korean companies, with giants like HYBE alone contributing over $100 million in corporate taxes. This substantial contribution highlights the growing financial strength and global reach of Korea’s entertainment sector.
Tourism Impact
The Hallyu (Korean Wave) phenomenon continued to drive global fascination, attracting 14 million international tourists to South Korea. This influx of visitors generated an impressive $15 billion in tourism-related revenue, underscoring the cultural and economic influence of Korean entertainment, fashion, and lifestyle.
Product Exports
Exports also played a pivotal role in Korea’s entertainment economy. Exporting merchandise, albums, and dramas brings in $10 billion in revenue. This impressive figure reflects the ever-increasing global demand for Korean content, solidifying the nation’s position as a leading cultural powerhouse.
Employment Opportunities
Not only did it boost the government’s economy, but the Korean entertainment industry also supported over 150,000 jobs. It also fueled growth in related sectors such as tourism, retail, and hospitality.
Trending Innovations in Entertainment
The entertainment industry in 2024 saw a surge of groundbreaking innovations that redefined fan interactions and the concept of stardom.
Platforms like SK Telecom’s ifland brought fans closer to their idols through virtual meet-and-greets.
Meanwhile, virtual K-pop groups like PLAVE and MAVE: made waves in 2024. The trend of virtual K-pop groups is sure to continue in future years.
This year, sustainability became a key focus in the entertainment industry. Companies like YG Entertainment introduced eco-friendly tours and merchandise, aligning with global efforts to prioritize environmental responsibility.
Wrap Up
The Korean entertainment industry’s success in 2024 highlights its strength as a cultural and economic powerhouse. It will definitely continue its global influence and make significant economic contributions by staying innovative and tackling challenges.
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Sources: HYBE, CJ ENM, Tourism Revenue Statistics 2024, Krafton, NCsoft
