'BTS' and 'Gisaengchung' Effect... First Half Copyright Trade Balance Hits Record High Surplus of 1.2 Trillion Won

BTS performing 'Dynamite' at the MTV Video Music Awards
[Photo by Big Hit Entertainment]

[Asia Economy Reporter Kim Heung-soon] In the first half of this year, South Korea achieved the largest half-year surplus of $1.04 billion (approximately 1.2 trillion KRW) in copyright trade balance since related statistics began to be compiled in 2010. The cultural and artistic copyright trade balance also recorded a surplus for the first time on a half-year basis since the statistics started in 2010.

The Ministry of Culture, Sports and Tourism announced that an analysis of intellectual property trade balance data from 2010 to 2020, published by the Bank of Korea, showed that South Korea’s half-year copyright trade balance has steadily increased since turning positive in the second quarter of 2013. Among these, the half-year total export value in the copyright sector surpassed $5 billion in the first half of 2020, leading to the largest surplus ever recorded.

South Korea’s cultural and artistic copyrights also recorded a surplus for the first time on a half-year basis since the statistics were organized in 2010. Although a temporary surplus was achieved in the second quarter of 2016, this is the first time a consistent improvement in figures has resulted in a half-year surplus.

The rise in music and video copyrights within cultural and artistic copyrights was particularly notable. The Ministry of Culture, Sports and Tourism analyzed that this reflects the results of multifaceted efforts such as the export of competitive Hallyu content represented by BTS and the global success of the movie Parasite, as well as the protection of Hallyu content copyrights overseas.

The trade balance for 'Research and Development and Software Copyrights,' which covers copyrights recognized for games, databases, and research works, has steadily increased its surplus since first recording a $120 million (approximately 146 billion KRW) surplus in 2011. According to the statistics for the first half of 2020, the database sector within 'Research and Development and Software Copyrights' showed particularly strong performance.

Park Yang-woo, Minister of Culture, Sports and Tourism, stated, "The government will continue to make various efforts to create a healthy copyright ecosystem and protect Hallyu content copyrights in order to build a copyright powerhouse where culture becomes the economy."