INTHEBLACK June 2025 - Magazine - Page 25
South Korea’s cultural-economy
success through K-pop, film
and other booming “soft”
sectors is a potential blueprint
for other countries.
Identifying unique strengths,
such as indigenous culture,
is crucial to developing a
thriving cultural economy
in Australia.
The 2032 Brisbane Olympics
is a significant chance to drive
sport, cultural and tourism
opportunities in Queensland.
The power of the
cultural economy
From K-pop and Hollywood to the Olympic Games, a strong cultural
economy can help lift nations, finances and people. What does Australia
need to do to benefit?
Words Cameron Cooper
FOR DECADES, UBIQUITOUS
South Korean conglomerates, or chaebol,
such as Samsung, Hyundai, SK and LG
have been the dominant players in
the nation’s phenomenal transformation
into a global economic force.
Those trailblazers now have some
competition. In line with the rise of
South Korea’s cultural economy, K-pop
bands such as BTS and BLACKPINK have
an adoring fan base around the world.
Films such as Academy Award-winner
Parasite and Netflix’s Squid Game have
received global cinematic acclaim.
Likewise, brands such as Innisfree
and Sulwhasoo have powered a South
Korean beauty industry that is lauded for
its innovative skincare and cosmetic products.
Research values South Korea’s cultural
content market at about US$84.3 billion,
ranking it as the seventh largest in the world
[see breakout]. Not bad for a country with
a population of just over 50 million.
Liz Griffin, CEO of the Australia–Korea
Business Council, says this cultural
phenomenon — dubbed Hallyu or the
“Korean Wave” — has rounded out
the modern-day South Korean success
story. She attributes proactive government
investment and policy support, along with
relatively high spending on research and
development, for South Korea’s rise
as an international powerhouse.
“This has resulted in Korea being a leader
in technology globally, including electronics,
digital displays and mobile communications,”
intheblack.cpaaustralia.com.au 25
