As the Netflix drama 'Squid Game', which is gaining popularity worldwide, raises Korea's cultural influence to a different level, expectations for the expansion of exports in the content industry are growing, Bloomberg News reported on the 7th.

Bloomberg said that although K-pop and dramas are gaining popularity abroad, there are not many cases where they have formed a fandom outside of Asia like BTS did, but the squid game is changing everything by elevating Korea's soft power to the next level. Diagnosed.

Bloomberg predicted that Korea's cultural exports will contribute more to the economy as the movie 'Parasite', which won four Academy Awards, and even the squid game, sparked a global topic.

The Korean content industry is still small compared to the huge manufacturing sector, but it is maintaining steady growth.

Last year, content exports amounted to US$10.8 billion (about 12.9 trillion won), accounting for only about 10% of semiconductor exports, but the amount of profit exceeded major export items such as home appliances and cosmetics.

In particular, the export value of the entertainment industry, which includes publications, games, music, movies, and TV dramas, increased by 6.3% last year, in contrast to a 5.4% decrease in total product exports in the aftermath of the novel coronavirus infection (COVID-19), Bloomberg explained.

Bloomberg added that exports of consumer goods related to Hallyu, such as cosmetics, clothing, and food, increased 5.5 percent last year as another notable area.

Bloomberg said that while the popularity of Korean dramas and idols has caused a surge in Chinese tourists, the number of Chinese tourists has also plummeted due to the THAAD (high-altitude missile defense system) incident. It is expected that the expansion of influence will help.

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