TikTok is now projecting further growth in the K-Pop market and other Korean culture-related content to up to $143 billion by 2030 as the East Asian culture continues to sweep across the world.
First reported by Bloomberg, TikTok and market analyst Kantar estimated bigger growth for Korean culture content, primarily its music, food, clothing, media, and cosmetics.
Current estimates put Hallyu, meaning the Korean Wave to encompass all content related to Korean culture, around $76 billion.
TikTok and Kantar projected that the numbers will only further grow in the next six years as Korean culture expands beyond the US, East Asia, and Southeast Asia, its current biggest markets.
TikTok to Increase Priorities Towards K-Culture Market
With the growing hype around Korean culture, TikTok indicated plans to expand its platforms for Hallyu as it offers users more topics related to K-drama, Korean food, and many more.
So far, TikTok has collaborated with major Korean culture icons, including the country's biggest boy group BTS, to appeal more to their fans.
The platform's integration of its SoundOn feature with the music-making app Overtune is expected only to boost user-generated content towards K-culture topics on social media as music trends continue to shape online cultures.
Earlier studies already signaled how influential the platform is towards younger generations' shopping and spending habits, its decision to target the influencer-centered K-culture demographic will only
TikTok Shop, Live Cater More Towards Korean-Related Products
The biggest proof of the Korean culture influencing the social platform can be pointed at the trends around TikTok Shop and TikTok Live.
Both features, which regularly focus on live stream advertising, have seen an increase in products related to K-culture since the wave has spread beyond Korean-based apps.
The appearance of Korean idols in many TikTok Lives only further cement the market potential of East Asian culture in the current online landscape.
