The Korean Wave (Hallyu) refers to the global popularity of South Korea’s cultural economy exporting pop culture, entertainment, music, TV dramas and movies.

Hallyu is a Chinese term which, when translated, literally means “Korean Wave”. It is a collective term used to refer to the phenomenal growth of Korean culture and popular culture encompassing everything from music, movies, drama to online games and Korean cuisine just to name a few.

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. 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. An example of soft power in play is how the US enticed the world to buy its Levi’s jeans, Apple iPhones, Marlboro cigarettes, Coca-Cola soft drinks and Hollywood movies, by leveraging on a desirable image.

In 2000, a 50-year ban on the exchange of popular culture between Korea and Japan was partly lifted, which improved the surge of Korean popular culture among the Japanese.  South Korea’s broadcast authorities have been sending delegates to promote their TV programs and cultural content in several countries.

Hallyu has been a blessing for Korea, its businesses, culture and country image. Since early 1999, Hallyu has become one of the biggest cultural phenomena across Asia. The Hallyu effect has been tremendous, contributing to 0.2% of Korea’s GDP in 2004, amounting to approximately USD 1.87 billion. More recently in 2019, Hallyu had an estimated USD 12.3 billion boost on the Korean economy.

Over the last two decades, South Korea has become very rich and very futuristic. In 1965, Korea’s GDP per capita was less than that of Ghana. Today, South Korea is the world’s 12th largest economy.