Rise in Korean Soft Power Around the Globe and Increasing K-Culture in Australia

March 27, 2024

📢 NEWS 📢

Three years following the achievement of "Squid Game" as Netflix's top-viewed series and four years after Joon-ho's "Parasite" made history as the first non-English language movie to secure the Best Picture Oscar, the growing influence of Hallyu, or the Korean wave, has unquestionably established Korea's status as a cultural powerhouse. Netflix recently announced $2.5bn in investment in South Korean projects over the next four years, with Disney Plus and Apple TV following in their footsteps.

Australia is experiencing a significant surge in Korean cultural influence, extending beyond media to cuisine and cosmetics. Korean food, particularly K-BBQ and Korean Fried Chicken, has gained unprecedented popularity within Sydney and Melbourne. Similarly, Korean beauty products, particularly skincare, have seen a rapid rise in demand in Australia. Major Australian cosmetic retailers such as Mecca and Sephora now carry prominent Korean brands like Dr. Jart, Sulwhasoo, Innisfree, and Laneige.

The rise of the Hallyu wave in Australia, marked by the popularity of Korean media, cuisine, and beauty products, has not only bolstered the Australia-Korea economic relationship by opening new avenues for trade and collaboration but also significantly enhanced Australians' familiarity with Korea, transforming their perception from limited awareness to a deep appreciation of its culture and paving the way for stronger bilateral ties. This cultural and economic engagement is fostering a conducive environment for increased trade, investment, and joint ventures, enriching both nations' economic landscapes.

To learn more about Korean culture, register to one of AKBC’s upcoming training. AKBC runs regular “Fundamentals of doing business in Korea '' training to help our stakeholders better understand the nuances of doing business in Korea. Contact info@akbc.com.au for more information. 🇦🇺🇰🇷