Korean wave has brought great changes and benefits to the foreign entertainment market. In the case of the Korean Wave, especially in the field of music, it attracted the interest and popularity of foreigners very quickly. As you can see from the Billboard chart, a representative foreign music chart, you can feel that our K-pop is receiving a lot of attention and popularity from people all over the world. In this trend, we usually look at the profitable aspects of our country. However, if you turn your mind around for a moment, the interests of foreign entertainment companies should not be overlooked.
Then let's turn our heads for a moment and think about the issues in the Korean music market. Controversy over plagiarism is steadily rising in Korea's music market. There are definitely plagiarized songs, but there are many singers and composers who are in trouble due to unfair plagiarism controversy. What can we think of when we see this phenomenon? The answer is very simple. Currently, the Korean music market is producing countless songs through Red Ocean. In fact, there are already similar types of past songs created, and even if new record companies challenge themselves to stand alone, the size and power of big record companies that already dominate the market are difficult for new record companies to establish, and big singers naturally find big record companies.
In fact, in a free market economy in any field, it is very important to preoccupy that market first. What was it like when McDonald's, which has the title of the world's No. 1 franchise, first entered Korea? It didn't attract much attention to our people, and sales were low. The reason is that Lotteria was dominating the fast food franchise market. Lotteria had already established itself as a familiar and reliable brand, so there was no place for a franchise called McDonald's. In fact, McDonald's was only able to open its first store in Korea nine years after Lotteria was launched.
As such, we can see how much preoccupying the market has a huge impact on the market. Have you ever watched a TV program called Show Me the Money? Show Me The Money is a hip-hop contest program. In the past, hip-hop was a non-mainstream genre in the Korean music industry. At the time of the first airing of Show Me the Money, the genre of hip-hop was very unfamiliar to people, and only a few non-popular enthusiasts cheered. At that time, the genre of K-pop was the mainstream, and the music industry was saturated. In a way, it was an uncertain broadcast. But, as the episode continued, new people became interested in the genre of hip-hop, and the subsequent series continued to attract attention amid the response of many people. People felt mannerisms in the saturated genre of K-pop and craved something new, and the hip-hop genre filled that need. In other words, in order for a particular genre to be newly spotlighted and steadily popular in a market saturated with one genre, the public needs unthinkable originality and a breakthrough to break through the saturated state. The originality was the genre of hip-hop, and the breakthrough can be interpreted as a broadcast program that can be known to the public. Applying this to the fast food market mentioned earlier, the growth of Mom's Touch, which prevented McDonald's monopoly and established its own position, was a breakthrough in the originality of chicken patties and price competition.
From this point of view, in the highly saturated foreign music industry, foreign music companies must have been constantly contemplating originality and breakthroughs. That's when K-pop came. K-pop, which is different from the existing music, has newly approached the world's public, and the Korean Wave has sparked a breakthrough. Foreign record companies will be able to receive huge amounts of royalties in exchange for publishing Korean music in their own countries, and they will be able to earn a lot of profits from selling goods, along with a good opportunity to promote their company's brand to more people. If these companies first sign contracts with Korean music companies to create a brand's position, they will have a "market preoccupation" that guarantees future profits like the markets of Lotteria and McDonald's.
As such, the Korean Wave culture is not only beneficial to Korea, but also brought about a big market change in overseas markets.
Looking at the economic meaning of Korean wave, I would like to ask in what direction we should develop our capabilities in the future.
The first is a market preoccupation, the second is originality, and the third is breakthrough. Society these days has to appeal to its individuality and creativity of individual branding, society does not want overlapping or boring abilities. We need to increase our individuality and originality by preoccupying the market. Also, the opportunity is important. In life, opportunities come to everyone. The breakthrough is this opportunity. Just as Mnet and Mom's Touch were able to seize these opportunities and achieve success, I think we need an attitude of challenging ourselves without fear of failure when we have a chance. So far, I have approached the Korean Wave culture from a new perspective. Through this, I hope it will be a good opportunity for you to gain new directions and values about life.