Laura Vega editor(Colombia)
South Korea is one of the most powerful and influencing countries within the IT and metalworking industries. But further to this we can highlight the incredible growth most of their cultural industries have been gaining over the past few years.
Nowadays we can consider South Korea a pioneer within this industry, especially because of covid, we can say that South Korea shined the most in here. To explain how they have achieved this great success, we should start by defining some examples:
First is how SM entertainment was able to take advantage of the country's technological development to create a platform for virtual concerts streaming. So here we have a project built to satisfy and promote the entertainment industry in the country, plus the use of the current IT advantages, followed by an incredible marketing plan and execution that lead to an enormous and incredible movement of online concerts, not only in South Korea but in many places worldwide.
The second example is the fact that many entertainment firms are getting innovative with their business lines. They are getting into more different products to promote and expand the whole entertainment spectrum, so it is normal to see a whole company focused on music production also launching incredible IT resources, videogames, books, and even go as far as to get in totally unrelated business units within the agribusiness, and fashion and apparel.
So far, we can see the immense power that South Korea has been able to build for its entertainment and culture industries. They have created products to go beyond and satisfy their customers and the reason why is because South Korean marketing is all about hearing and attending to the needs of their customers.
You might be thinking that all these inventions are because of some great plan and futuristic projection, and yes, a part of it is related to the new normal of always getting innovative new products, but the 90% of the reason of why and how the entertainment industries have been able to innovate successfully is because they listen to their customers, they listen to the fans, they listen to their followers.
South Korean marketing and business practices are based on a concept called the "noon nopi" which means see through the eyes of your customers. This idea takes us to the point in which South Korea has created such a great marketing team and projection that they hear and see what the people ask and want and they make it into real projects, products, and business lines.
This phenomenon is quite visible within the K-POP industry. Fans are always guiding the market and are always sharing things that would make the companies better and that would make them happy, so companies take this and satisfy those needs, and because of that, they can connect and engage the fans or customers in an everlasting business relationship.
Then when we were mentioning the virtual platform for concerts, this was pretty much the same case. Due to the covid restrictions, most of the live events got canceled, so of course, one of the needs and desires of the customers and fans was to be able to attend and enjoy once again those concerts - What happened next? the company listed that and went ahead and provided exactly what they asked for.
As for the companies expanding to other business lines, this is also part of the need and desires of the customers. Most of the time the entertainment industry can attract customers through something beyond tangible, but this only creates more demanding customers and fans. People seek to have more content because they are emotionally attached to it, and because of that, they create more business lines.
Here you see that the explanation behind all these projects is based on how companies have promoted their ideals of always listening and making their customers, listeners, and clients happy. People know that they have control over the offer of the market, and that factor makes people feel powerful, and just because of that they can create strong bonds with their clients and fans, which lead us to an expanding type of business with an incredible revenue and continues progress,
Finally, the incredible growth that South Korea has been able to achieve in terms of business success, marketing implementation, and branding is now being recognized worldwide; and it would be no surprise to see South Korea as the next HUB for entertainment and culture industries soon.
Laura Vega editor(Colombia)