SEOUL, KOREA - A survey said almost a half of Korea's CEOs believe the Korean Wave, or "Hallyu," would peter out within five year. According to a research report "Six Strategies to Sustain Hallyu Momentum" published by Samsung Economic Research Institute on June 19, as much as 47 percent of CEOs out of those 246 surveyed said, "Hallyu will end in five years from now." Those who said "it will keep going even after five year" were 40 percent.
The respondents said the biggest obstacle to further development of Korea's soft power throughout the world is its "excessive focus on young idol singers" (73%; multiple answers allowed). Other obstacles included mass-production of dramas with similar storylines and formats (39%) and imitation by other countries (22%).
Suh Min-soo, SERI analyst and principal author of the report, said, "As similar contents in songs and TV shows proliferate, foreign audiences are beginning to lose interest."
Most of the CEOs who answered the survey questions said the Korean Wave is helpful for their business. For example, the interest in Korean culture could enhance the brand image of their products (61%), help them gain more business opportunities in emerging markets (19%), and increase sales revenue through more inbound tourists (10%).
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