Invest KOREA

South Korea's content industry is forecast to grow 9.5 percent this year amid a recovery in the global economy and continued interest in "hallyu," or the Korean wave, data showed Monday.

The local content business is forecast to reach 97.1 trillion won (US$88.8 billion) in 2013, compared with 88.7 trillion won the previous year, according to the data by the Korea Creative Contents Agency (KOCCA).

Exports are projected to grow 8.9 percent on-year to $5.2 billion from last year's $4.8 billion, it added.

The growth in exports was largely attributed to the game industry which is ramping up revenue in the mobile sector in line with a global smartphone boom.

Game exports are forecast to hit $3 billion, accounting for roughly 58 percent of total exports, according to KOCCA.

The agency said growth in the mobile game market has boosted demand in developed markets as well as emerging markets such as Southeast Asia and Latin America.

The agency, however, said growing competition among South Korean game developers is likely to limit growth in the local game industry.

Meanwhile, KOCCA projected a diversification in K-pop and digital music services would buoy the music industry's exports.

Exports of music-related content and services are forecast to reach $280 million this year, up 21.9 percent from last year, it said.

Source Text

Source: Yonhap News (Feb. 4, 2013)