‘Almost collapsed’: behind the Korean film crisis and why K-pop isn’t immune

Both industries dominate the world but now face fundamental transformation and uncertainty at home

South Korea’s entertainment dominance appears unshakeable. From BTS conquering global charts to Parasite sweeping the Oscars in 2020 and Korean dramas topping Netflix, Korean popular culture has never been more visible. Exports driven by the country’s arts hit a record $15.18bn (£11bn) in 2024, cementing the country’s reputation as a cultural superpower.

But inside South Korea, the two industries that helped build the Korean Wave – cinema and K-pop – are now experiencing fundamental transformations, with their survival strategies potentially undermining the creative foundations of their success.