[Insight & Opinion] The Nationality and Globalization of K-Pop

These days, there is a song I have to listen to at least once a day: "Golden," which is part of the soundtrack for the Netflix animated film "K-Pop Demon Hunters." The film has finally reached the number one spot in Netflix's all-time box office rankings. There is even talk that the intellectual property (IP) value could exceed 1 trillion won, sparking controversy.

The film features a K-pop idol group as its main characters and puts Korean imagery and sensibility at the forefront, but it was produced by Sony Pictures in the United States, with distribution and investment handled by Netflix. The original soundtrack album was released by Republic Records, a subsidiary of Universal Music in the United States. This has led to criticism that only foreign companies are benefiting. Coincidentally, it was recently announced that none of the top 50 companies in the global IP market are Korean. There are growing calls for government-level strategies to secure content and strengthen platforms. President Lee Jaemyung has instructed officials to prepare comprehensive measures. We need our own policy support. As the Korea Chamber of Commerce and Industry recently suggested in a report, it would be ideal to expand content such as webtoons, games, dramas, and performances from IP sources through a national "Super IP Strategy."

However, global-scale success means becoming part of the global ecosystem, regardless of where it originated. Even though we created K-pop, the more it becomes globalized, the less "ownership" we retain. Currently, the production, investment, and distribution processes for content like K-pop transcend national borders. In fact, such global achievements are only possible in this way. "K-Pop Demon Hunters" draws heavily from Korea's traditional culture, but it is an animation made in the Hollywood style. If "Squid Game" had not utilized Netflix's capital and platform, it would have faced difficulties from the very beginning.

One of the representative hit songs that made BTS what it is today, "Dynamite," was composed by British music producer David Stewart. Regardless of genre, the global success of content is rooted in Korean specificity but is also a result of creative reinvention through a mix of diverse cultural elements.

Director Bong Joonho's "Snowpiercer" is based on a French comic, while director Park Chanwook's "Oldboy" is based on a Japanese manga. The film "Broker," for which actor Song Kangho won Best Actor at the Cannes Film Festival, was directed by Japanese filmmaker Hirokazu Koreeda. The musical "Maybe Happy Ending," which won six Tony Awards including Best Musical, was co-created by Korean lyricist Park Chunhyo and American composer Will Aronson. Determining the nationality of content based on the production company or source of investment is not realistic. If we want to achieve global-scale success, we need to change our way of thinking.

Currently, 41 listed companies in Korea have a foreign ownership ratio exceeding 50%. Hyundai Motor produces more cars overseas than domestically. Taekwondo is undoubtedly Korea's national sport, but at the 2024 Paris Olympics, Korea won only 2 out of the 8 gold medals awarded in taekwondo. At the 2020 Tokyo Olympics, Korea did not win any gold medals in the sport. This is the price of globalization.

As a result of cross-cultural fusion, the space of "K" has expanded, but its meaning and identity have changed. Any content that achieves global success must combine global capital, platforms, and talent. Government support alone will not suddenly create Netflix, Google, or Disney, the world's top IP holder. Cooperation with global platforms and improvements to our own investment environment are both necessary. That is the reality. Of course, efforts must be made to establish a fair foundation for the proper sharing of rights between production companies and platforms, and this is necessary even when the counterpart is not a global platform.

Kim Sangchul, Economic Commentator