[Opinion] The Innovation of 2024 CES: What Does It Mean for Korea?

Every January, articles about CES, the world's largest electronics and IT exhibition, flood the media as if it were a regular ritual. It makes you realize that a new year has begun.

Most major media outlets routinely dispatch large press corps to cover CES. Articles delivered through the media invariably include stories about how Korean companies amazed attendees with new technologies. Reading articles about Korean companies showcasing new products and technological prowess in large exhibition halls at prime locations makes citizens feel proud and often indulges them in a moderate sense of 'gukppong' (national pride). The shock and awe I felt watching LG Electronics' rollable TV, made using a rollable display panel developed a few years ago, through a YouTube video still remain vivid.

At some point, not only corporate officials but also people from the government, National Assembly, local governments, and academia started flocking to Las Vegas, USA, every January. As demand surges, direct flight fares connecting Incheon and Las Vegas skyrocket. There is even talk that Koreans might be the largest group of visitors to CES. This year’s visitors conveyed the impression that half of all participants were Korean. The number of Korean companies participating in CES, including large corporations and startups, was counted at 781, ranking third after the United States and China. It has also become common practice for most metropolitan local governments to set up booths and attend.

At this point, one might want to ask, "What does CES mean to Korea?" The most common answer is probably that it is to quickly grasp the flow of cutting-edge technology and gain insights for survival and innovation. If that is the case, South Korea should be the country that achieves the fastest technological development and continuously produces innovative products, but it is curious why reality does not reflect this. Many people from various fields receive a baptism of innovation at CES every year, but is the effect not properly realized in South Korea itself?

CES, which closed on the 12th, had 4,295 companies participating and about 130,000 attendees. Although it is an enormous scale, the number of attendees this year decreased by nearly 30% compared to 180,000 in 2018. It raises the question of whether the decrease in attendee numbers indicates a decline in the networking and promotional effectiveness of the CES event. It is clear that directly participating in or experiencing various events is an effective learning method. The excitement and enthusiasm felt at large-scale events serve as good stimuli for a shift in awareness toward change. Meeting company officials who are usually hard to encounter to exchange information and plan new businesses is also an expected benefit. From this perspective, it is necessary to examine whether the interest and passion we pour into CES are yielding corresponding results.

Many companies attend to exhibit their latest technologies and have opportunities for top executives to talk about their judgments regarding the future, which is difficult outside of large exhibitions like CES. The reason many people bear the cost and time to attend CES every year is likely the expectation to vividly observe the flow of technological changes, have special networking opportunities with industry insiders, and learn insights from executives. It would be good to reconsider how well these expectations are being met and how these January experiences drive changes in individuals and companies throughout the rest of the year.

Choi Jun-young, Specialist, Yulchon LLC