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Korea's 'soft' industry potential

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  • Korea's 'soft' industry potential
  • Lee, Ahn-Jae
  • Samsung Economic Research Institute


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Title Korea's 'soft' industry potential
Similar Titles
Material Type Reports
Author(English)

Lee, Ahn-Jae

Publisher

[Seoul]:Samsung Economic Research Institute

Date 2004-12
Series Title; No KET Issue Report
Pages 8
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Industry and Technology < Others
Holding SERI

Abstract

The power of information was key to economic growth in the twilight phase of the 20th century. Now it comes from creativity, especially from what generally passes under the term of "soft" industry. It refers to a variety of service-based activities related to culture and cultural sensibility such as the media and film arts, stage and performance, entertainment, games, designs - anything that can generate added-value through the artistic, creative, and entertainment industry. It's an industry seldom requiring big, additional production cost other than initial startup capital. Having network externalities, it generates more profits as more people consume it. The soft industry has a huge ripple effect, running from theater business to DVD production to broadcasting. It generates tourism revenues as movie sets and shooting locations are marketed as tour sites. It enhances national brand power as films exported overseas get rave reviews from the international audiences. (The rest omitted)