Korea’s Content Revenue Expected to Exceed 1 Trillion Won

BTS on stage

The Bank of Korea announced last week that South Korea’s income related to audios, videos and related services totaled US$313.7 million in the third quarter of this year, up 17.1 percent from the previous quarter and up 73.5 percent from a year ago.

“In that period, the overseas payment regarding the same items and services added up to US$71.6 million, down 46 percent from the previous quarter and down 51.9 percent from a year ago,” it said, adding, “The related surplus hit an all-time high of US$242.1 million in the third quarter with South Korea’s music and video content enjoying popularity worldwide and South Korea’s cultural content-based annual income is expected to exceed one trillion won for the first time this year.”

For the first three quarters of this year, South Korea’s revenues from the items and services totaled US$827.1 million. According to the central bank, the revenues for this year are estimated at US$1,140.8 million.

In the meantime, the Korean Foundation for International Cultural Exchange recently announced that cultural content exports from South Korea increased 11.9 percent to US$10.567 billion last year. “Game exports increased 18.9 percent to US$8.3 billion while broadcasting exports fell 6.7 percent to US$480 million,” it said, adding, “Music and movie exports fell 14.3 percent and 33.2 percent to US$548 million and US$25 million, respectively.”