Hallyuwood, having cropped up from the term ‘Hallyu’, is a Korean word for ‘wave’, referring to the much strongly rising popularity of the Korean cultural productions of movies, dramas, pop and everything else at a global level. Sucess of the Korean Motion Picture industry described as the rise of Hallyuwood, suggests Korea to have become the 3rd pillar of the Global Motion Picture industry in the nation. Though the surprise element behind the success is now stabilizing itself for the sake of the constant amazement on a global platform, the many factors that have led to its sudden wave need to be traced.
Though ‘contemporary Korean cinema’ already had a quality and substantial production, certain economic factors determine the sudden statistical rise in the interest. The Korean entertainment motion industry has a vast history that takes itself back to when it was mostly viewed and appreciated by the Koreans and Japanese, and later by the Chinese, but did not have a worldly connotation of success to it. And now, when we think about the much success that bands like BTS and Blackpink in the K-pop world, while the movies like Parasite and others being received with much amazement and interest, we can hardly escape the much enthusiastic yet well-deserved fandoms.
The Economic Factors-
• Out of the many economic factors backing the success of Hallyuwood, the first one would be the use of the Global Value Chain (GVC) approach, highlighting the economic determinants in the internationalization of the Korean movie industry.
• The roles of co-production and foreign partners.
• The concentration of vertical integration of the industry.
• The much valued creating of a global brand.
• The accumulation of additional income through videos and home entertainment media.
• The planned budget for the growth of the industry planned by the Korean government, which thus acts as a catalyst to the entertainment industry to excel on a yearly basis.
• Role of global business strategies in developing cultural industries.
It is not unknown to any person keen about the global entertainment industry that the Korean pop and movies bring the country a boost and aid the national income and tourism beyond any other sectors. According to the Korean Film Council (KOFIC), 494 Korean films were released in 2014, placing Korea in the top 10 countries that produce the most number of films annually. Though comparatively behind Nigeria, India and the US, it stands somewhat in the same range as France and UK. However, it is very definite that the number of films do not necessarily determine the income aided by the films. Though Korea produces lesser movies as compared to Hollywood and Bollywood, the movies sometimes earn more on the box office that the many released by the others.
With about 38 dollars per capita of turnover, Korea has the fourth largest income in the global industry. BTS alone brings the Korean economy nearly 5 Billion dollars. This may hence justify the much support of the government, so much so that the Korean government decided to extend the two years of maximum age to serve the army, just so BTS Jin could continue to work for the BigHit Entertainment.
Hallyuwood has had much impact on the minds of the people, attracting them towards the ethnicities and core cultures of the Korean Republic. The fact that most people are interested in involving a media of entertainment with an entirely different language, and in fact learn the language as well, speaks for itself. Korea has seen a major boost in tourism due to these influences of cultural fascination created globally.
• The very essential factor that is taken into notice by most critiques and researchers of entertainment modes is the very attention to detail that is an inherited factor in every Korean movie, drama and song.
• Attention is given to the proper scriptwriting, direction, acting and singing of course, the much astounding exhibition of the actors and idols, right to providing the fandoms with minutely detailed merchandise.
• The marketing and advertising strategies are seen to play a colossal role.
• Fandom and fan culture has now become a trend with the fans supporting the idols and actors endlessly, in fact to a level of getting much emotionally involved. This hence speaks for the very strong impact of the productions that the idols give in their whole for.
The ideas presented by many Hallyuwood projects are those that the people can relate to. They touch topics of depth, creating a sense of relatable assertions yet challenging the imagination widely. It will be an understatement to advocate that the Korean ‘Hallyuwood’ industry wave is here to stay. Rather, the possibilities exhibit that it might take over the global connotations and rise up to create a much more influence internationally.