Hallyu Phenomenon: How Long Will It Last?

Abstract

The rise of the Korean Wave or hallyu started during the Asian Financial Crisis (AFC) in 1997 when many South Korean exports, industries and entertainment were halted due to the economic crisis that affected most of Asia. K-drama or Korean drama was the first South Korean cultural product that garnered global attention. The popularity of hallyu due to the growing acceptance of K-dramas at that time has positively affected Korean films too. The success of hallyu continued with the arrival of the second Korean wave that brought Korean pop music or K-pop in the mid-2000s. Now, hallyu does not only comprise dramas, music and movies, but the phenomenon created by these entertainment products has caused an increased interest in aspects of Korean cultural products, such as fashion, food and beauty products. This paper discusses the success of the Korean Wave in becoming a global phenomenon and its future direction.