Korean Wave losing its lustre, warns exec
SOUTH Korean content, ranging from films and music to TV drama and fashion, is attracting more attention globally than ever before, with Hollywood star Emma Stone saying she is "obsessed" with K-pop.
But Song Sung Gak, president and chief executive of the Korea Creative Content Agency (Kocca), said the domestic content industry has reached an inflection point as the popularity of Korean content, referred to as the Korean Wave or hallyu, is showing signs of waning abroad, especially in its biggest market, Japan.
He said the industry needs to create more "killer content" and diversify its markets or export destinations via joint ventures and partnerships, in order to sustain hallyu.
"The reason Korean content is losing its lustre is that South Korea has been unable to continuously create a series of hits that can set trends and issues overseas following Psy's Gangnam Style and TV drama My Love From The Star," Mr Song said in a written interview.
"We need to create killer content and diversify our markets."
The Kocca chief said the agency is seeking to further support small Korean content producers' efforts to make inroads into China and Indonesia by providing them with a comprehensive service in financing and marketing.
The two countries show immense potential, with China expected to become the world's biggest content distribution market after the United States by next year, growing about 11 per cent on average per year.
Indonesia, the world's fourth-most-populous country with some 250 million people, can serve as a strategic market to access other Muslim countries, according to Mr Song.
THE KOREA HERALD/ASIA NEWS NETWORK
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