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According to Yonhap News,

(SEOUL=Yonhap News) Sales of Korea’s contents industry, including publication, media, advertisement and game, are expected to reach KRW 95 trillion in 2020, a 31.6 percent increase from 2014, thanks to K-pop and the Korean Wave.

According to Dr. Chung Heonil of the Korea Culture & Tourism Institute on November 20, the report on the economic outlook of the contents industry predicts that the sales of Korea’s contents industry will increase by 31.6 percent, from KRW 71.9 trillion this year to KRW 94.6 trillion in 2020, under the current growth rate.

Music industry sales are expected to grow the most due to the popularity of K-pop and its overseas expansion. Sales will reach KRW 7.8 trillion, a 66.4 percent increase from 2014.

Media sales are estimated to grow by 42.9 percent, from KRW 15.9 trillion this year to KRW 22.8 trillion in 2020, due to the Korean Wave in China, Southeast Asia and other parts of Asia.

Advertising sales will increase by 40.2 percent, from KRW 13.9 trillion this year to KRW 19.5 trillion in 2020. Game and film industry sales will increase by 38.2 percent and 28.7 percent, respectively.

Sales of the publication industry, which accounts for the most sales in the contents industry, will increase by 7.5 percent, from KRW 21.6 trillion this year to KRW 23.2 trillion in 2020. Though electronic publishing will offset the decrease in paper publishing, the publication industry has shown the smallest increase in sales.

chunjs@yna.co.kr

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Source Text

Source: Yonhap News (November. 19, 2014)

** This article was translated from the Korean.