Social media giant TikTok has announced that it forecasts spending on Korean culture to hit US $143 billion by 2030. Follow Dojeon team member, Lewis, as he explains through his experience, why K-culture success is expected to double by 2030!
Like many of you, I have been using TikTok in recent years, whether to simply scroll through content, or upload my own, and throughout the past year of using it, I have seen countless global trends from dance, to singing to even acting, and with TikTok's success globally it has recently announced that due to global spending on Korean cultural products, it is forecast to nearly double to US$143 billion by 2030, according to new research released by TikTok and analytics company Kantar.
The soaring popularity of so-called K-content has been amplified by social platforms, where users have voiced their appreciation of Korean drama, pop music, cuisine, and cosmetics. TikTok, which initially rocketed in popularity with short clips of young people dancing to popular songs, has become a gathering place for K-pop fans online. In recent times, that has expanded to include more of Korean culture and traditions. For me, I have tried to endorse Korean culture in my content, and I often search destinations online and on Social Media before travelling to them to try and find out what it might be like.
I believe that this increase in investment will allow more creators to become successful, and it will also help to include the less touristy areas of Korea to attract more visitors domestically and internationally, which can help their tourism industry. However, we have seen before where social media stars focus their content on smaller towns throughout the world where it can see an increase in tourists, but are they ready to accommodate them?
Although the Korean Government has also announced that it plans to focus on attracting more foreign workers and tourists in 2024 will it be able to sustain the influx of people coming in the future?
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