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Korea's Culture Industry Rakes In $800 Mil. in 2011

2012/02/06 | 527 views | Permalink | Source

Korea's culture industry raked in hundreds-of-millions of dollars from abroad last year thanks to the wide popularity of K-Pop.
The Bank of Korea said Monday that all forms of content production and cultural services Korea provided overseas in 2011 brought in nearly 800-million U.S. dollars in profits.
The figure includes revenues generated by audiovisual services as well as cultural and recreational services provided by firms and individuals abroad.
It marks the highest figure in this sector since the nation started bringing in profits in 1997.
From 1980 to 1996, Korea did not record any overseas profits from providing cultural service products.
However, since the Korean Wave sparked off in early 2000s, the country raked in more than 400-million dollars in 2007 and 600-million dollars in 2010.
Korea also enjoyed bumper profits from computer and information services and fees for copyrighted intellectual property.
Kim Yeon-ji, Arirang News.

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