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Hallyu, or the “Korean Wave,” refers to the global popularity of South Korea’s cultural economy, encompassing K-pop, K-dramas, and K-movies, which has expanded to cosmetics, cuisine and beyond.
K-craze
K-pop bands such as BTS, Blackpink and Seventeen, and K-dramas like “Squid Games” and “Crash Landing on You” are synonymous with the K-craze that has captivated global audiences.
K-pop
Hallyu has transformed South Korea’s cultural exports into a multi-billion-dollar industry. As per estimates, K-pop alone generated more than $10 billion in revenue.
Source: BBN Times
K-beginnings
The 1997 Asian financial crisis led East Asian countries to seek cheaper television programs compared to the expensive broadcasts from Japan and Hong Kong, making Korean content more attractive.
K-Style
The K-wave began to ripple outside the regional East Asian bubble in the 2000s, with the artist Psy’s Gangnam Style gaining traction, along with bands such as BTS and Blackpink in the mid-2010s.
K-tourism
Hallyu tourism refers to foreign tourists who travel to the country to attend K-pop concerts, visit filming sites and other Hallyu tourist attractions.
Hallyu
In 2024, the country saw around 16.4 million foreign visitors. Among them, 35% teenage tourists and a quarter of those in their 20s visited South Korea for pop culture-related activities.
Source: Statista
K-beauty
The Korean beauty industry, which includes skin care and makeup, has capitalised on the Hallyu wave. In 2025, South Korea became the world’s second-largest cosmetics exporter.
Source: Global Cosmetics News
K-investment
OTT giant Netflix pledged to invest $2.5 billion to produce K-content between 2023 and 2027, after the success of shows such as “Squid Games”, “The Glory,” etc.
Hallyu exports
South Korea’s content industry exports surged 6.4% YoY to $13.24 billion in 2022, driven by the K-craze.
Soft power
In 2025, South Korea’s cultural and commercial influence helped advance its position from 15th to 12th in the global soft power index, while ranking 9th in the culture and heritage segment.
Source: Brand Finance Global Soft Power Index 2025
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