The Psy Effect: According to BBC ‘South Korea’s New Economic Force’
Psy, gangam style
Psy “Gangnam Style”
Yesterday, BBC featured Psy and his song “Gangnam Style” as a “new economic force” that is significantly increasing the cultural export of South Korea.
According to a BBC report yesterday (October 4), the Korean culture including pop music, dramas and even food are estimated to be worth almost $5 billion USD annually.
The BBC reporter introduces Psy as “Unpolished, unpredictable and he doesn’t look like your typical Korean idol,” then adds that he is the most powerful star in Korea who is currently ranked no.1 in UK Music Chart as no.2 in US Billboard Hot 100.
The reporter continues by mentioning the government’s use of K-Pop stars and the marketing campaigns of their entertainment agencies to promote Korea’s culture overseas.
South Korea’s marketing strategy seems to have worked since the report reveals that the number of tourists visiting Korea rose by 20% compared to the previous year. The reporter also added, “A 10 year study shows, every $100 USD of K-Pop exports leads to $400 USD rise in general consumer exports like cosmetics, electronics, or mobile phones” because of the rise in the recognition and familiarity level of South Korean culture and its products.
The BBC report on Psy and K-Pop is available at BBC: S. Korea’s New Cultural Exports.
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