South Korea is an East Asian country known for undergoing one of the fastest and most remarkable economic transformations in recent history. From being one of the poorest countries in the world during the 1960s, it has now risen to become the 5th largest economy in Asia and 11th internationally.
Technology is one of the key drivers behind South Korea’s rapid economic development. The country has one of the fastest internet connections and smartphone usage in the world. Recently, it has launched the first 5G network in Asia, which is expected to further propel its e-commerce market. Furthermore, South Korea has the highest government backing per capita for start-ups. Last year, the government pledged a $9 billion venture fund, supported by an initial $3 billion investment in 2015.
The other factor behind its economic success is the massive investment in “Hallyu” or The Korean Wave, one of the biggest cultural phenomena in Asia. In 2018, Hallyu exports had garnered over $9.48 billion to its economy, a 22.8% increase compared to the previous year.
Overall, South Korea offers many opportunities for the digital marketing industry to grow.
This article will discuss South Korea’s digital marketing environment, its biggest channels, industry challenges, and opportunities, as well as the best possible ways on how to reach the South Korean audience.