00:00Beauty products and cosmetics, originally from South Korea, make up what is known as
00:04the K-beauty industry, which in 2018 was worth $9 billion. By 2026, it is estimated that this
00:10industry is going to be worth over $22 billion. But K-beauty is just the tip of the iceberg in
00:17what people are calling the Korean wave, where Korean products, media, and culture is seamlessly
00:22resonating with audiences all over the world. South Korea sees this as a major driving force
00:26for the future of their economy as K-pop, Korean movies, and Korean TV dramas are rising in popularity
00:32both at home and abroad. In 2018, Netflix made major investments in the Korean media market,
00:37spending $36 million on 24 episodes of Mr. Sunshine, and cementing further deals with multiple K-drama
00:45production studios to bring an additional 40 shows to the platform. This comes at a time when
00:49international viewership is fueling the unprecedented growth of niche streaming platforms like Asia Crush.
00:55So, let us know in the comment section what you think the economic implications are for this
00:58cultural explosion abroad.
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