South Korean Ministry of Culture, Sports and Tourism Do Jong Hwan acknowledged the global power that the boy group BTS holds and pushed the South Korean government to work on investing expanding the cultural horizon.
In his recent interview, Do Jong Hwan stated the goal is to make sure the “Hallyu (한류, the Korean Wave — the global rise in the popularity of South Korean culture)” stays real.
“The ministry is working on becoming an organization that can support “Hallyu” and to make sure the global interest levels are high.” — Do Jong Hwan
The minister explained K-Pop artists who become popular and successful overseas can help the South Korean economy.
“When Psy went global, he brought 896 million US dollars worth of economic benefits to South Korea… When actor Bae Yong Joon from Winter Sonata went big, he was an economic value of 2.6 billion US dollars.” — Do Jong Hwan
As for BTS, the minister had an optimistic outlook that the boy group will also affect the South Korean economy in the most positive way. He added, “there must be constant support” for such Korean artists though.
“I believe BTS will easily bring in over a billion dollars as well. BTS won #1 on Billboard 200… While the boy group worked their way up to #1, South Korea wasn’t doing much. There are things the government can do though. Successful K-Dramas or K-Pop songs benefit the national brand value and create a tremendous economic flow. There must be constant support.” — Do Jong Hwan
The minister pointed out what the South Korean government can do to make sure there are more phenomenal K-Pop identities like BTS or Psy.
“It is critical that the government invests in discovering creative talent and fostering such creators. Younger creators should be supported by being matched to mentors who can boost their creativities and by being provided the time and space to really explore their creativities. The South Korean government must invest in expanding the cultural business.” — Do Jong Hwan
The minister looked forward to working with the Ministry of Culture, Sports and Tourism and the Ministry of Strategy and Finance on replenishing the art and literature promotion funds that will be useful for such “fostering of young creative talent.”