Yu In-chon, minister of culture, sports and tourism, speaks during a plenary session for the Culture, Sports and Tourism Committee of the National Assembly in Seoul, Nov. 11. (Yonhap)

The Korean content industry exports reached an all-time high of $13.2 billion (18.38 trillion won) in 2022 as Hallyu continued to expand around the world.

On Tuesday, the Ministry of Culture, Sports and Tourism announced that revenue from the Korean content industry grew from 128 trillion won in 2020 to 151 trillion won in 2022. Exports also reached an all-time high, rising from $11.9 billion (16.57 trillion won) to $13.2 billion (18.38 trillion won) during the same period.

Building on this success, the government has significantly expanded policy support to enhance the global competitiveness of the content industry, the ministry said.

The government increased policy financing for the content industry from 503.9 billion won in 2021 to 1.74 trillion won in 2024 — more than tripling the amount.

The annual government budget, including government subsidies and tax credits for the content sector, totaled 1 trillion won for the first time in 2024.

The number of global Hallyu fans reached approximately 225 million in 2023, a 24-fold increase compared to a decade ago. To support the growing influence of Hallyu, the ministry established the International Cultural Affairs and Public Relations Office in February 2024 and launched the International Cultural Policy Strategy in May of the same year.

Key initiatives to promote Korean culture globally included the expansion of cultural hubs such as the Korean Cultural Center New York, the Korean Cultural Center Osaka, 25 content business centers overseas and Korea 360, a center promoting Hallyu in Indonesia.

The success of Hallyu content is also driving growth in related industries such as fashion, tourism and food, the Culture Ministry noted.

Various government departments collaborated in hosting K-Expos, expanding overseas promotional centers, and strengthening inter-agency cooperation to continue this synergy. In September 2024, the government announced measures to boost exports of Korean content and related industries, followed by the enactment of the Hallyu Act in October. The law aims to support sustainable growth of the Hallyu industry and related sectors.