TikTok Sees K-Culture Spend Doubling to $143 Billion by 2030.

Global spending on Korean cultural products is projected to nearly double to $143 billion by 2030, according to research by TikTok and Kantar. The popularity of K-content, including Korean drama, pop music, cuisine, and cosmetics, has been amplified by social media platforms like TikTok. The current market size of Hallyu (Korean Wave) is estimated to be $76 billion, and viral content around K-culture is expected to drive it up by capturing larger audiences in key markets like the US and Southeast Asia. South Korea's cultural exports are still relatively small compared to Japan, but social media is helping to narrow the gap. TikTok's audience in South Korea is smaller than YouTube and Instagram, but in the US and Southeast Asia, about 80% of users have discovered Korean culture through TikTok. The craving for Korean culture coincides with TikTok's expansion into e-commerce through TikTok Shop, with Korean products being a promising segment. Current global spending on Korean music, beauty products, and food is estimated to grow significantly. [Extracted from the article]

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