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Biz News Korea(Eng)

S. Korea’s contents industry sales up 4.5% on year in 2017 and exports up 8.6%

Collected: 2017.12.19

Distributed: 2017.12.20

Source: Go Direct

South Korea’s contents revenue this year is estimated at 110.4 trillion won ($101.6 billion), up 4.5 percent from the previous year with overseas shipments adding 8.6 percent on year to $6.7 billion despite China’s import restrictions on the nation’s cultural contents in retaliation for Seoul’s deployment of a U.S. antimissile system.

The Korea Creative Content Agency on Tuesday released preliminary data for the market size and sales volume of the nation’s contents industry in 2017 in a seminar at the COEX convention center in southern Seoul. It also unveiled its industry’s business outlook for next year.

For this year, publications segment earned 19.9 trillion won, broadcasting 17.8 trillion won, advertising 15.2 trillion won and gaming 12.1 trillion won. Animation character business is estimated to have generated revenue of 11.9 trillion won, films 5.9 trillion won, music 5.8 trillion won, cartoons 1 trillion won and animations 700 billion won this year.

Next year, the nation’s contents industry would focus on diversifying and customizing marketing strategies for contents sales related to Hallyu, Korean Wave of pop culture, according to the agency. It will also place emphasis on promotion of artists and authors and protection of intellectual property rights, the agency said.

By Kim Gyu-sik and Choi Mira

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