It is important to do the analysis of the economic reasons of the success of Korean wave in order to explain the success of the K-pop wave. It is important to focus on the economic factors which are related to the K-Pop factors in the past and the present times. It is important to study how the firms related to music are successful with respect to the economic aspects. The first economic factor is the development of a large number of skills which are related to Korea and the process of exporting the same to a number of other nations. Another important economic factor is to understand if the given set of market is based on the price related incentives which have propelled the Korean markets in the entire world.
Due to the number of economic friendly concentration and a quite peculiar structure for prince estimation, a large number of cultural firms and the pop stars in Korea have been motivated to go to other nations. Though, Korea was not the center of the music industry in the entire world. In a large number of pop music, people had to face language related issues. It was difficult for the people of the world to understand Korean language.
During the times of 1990’s, the major issue for the Pop industry in Korea was the entry cost. Korean economy during those times was not good enough to expand such a huge amount on the entertainment market in the world. During those times, the music was mainly dominated by the singers from US and other nations of the world. Koreans on the other hand were away from the world and were even out of world music.
Another important question regarded the same was what different kind of technologies can be implemented for a complete emergence of the Korean firms in the world markets.
Be it the popularity of the Gangnam Style in 2012 or the drama “My love from the stars” in 2013, a large number of Korean movies or music have been loved by the people of the world. This has also led to the huge popularity of the famous Hallyu culture or the Korean Wave. In order to ensure a good business and returns, the government is making huge efforts. From 2012, the government of Korea has declared the rise of “3.0 Hallyu generation” and further expanded the K culture. They are continuously using the same for the promotion of Korea and using its resources as a soft power. In 2013, the budget of government for the promotion of Korean wave was around $ 70.4 billion. There has been an increase of 27 % in a single year. The overall budget has also increased to $ 327 billion in 40 areas in the world.