TikTok forecasts K-culture spending to double, hit US$143 billion by 2030

“If you look at the success stories of global trends in K-content, they are often triggered by secondary content from Southeast Asian creators,” said Hyunho Son, general manager of global business solutions at TikTok Korea. “It shows that the Southeast Asian market is acting as a gateway and hub for global viral trends in K-content.”

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Current global spending on Korean music – including concert tickets and content – is estimated to grow to about US$11.6 billion this year, while spending on Korean beauty products and food is also expected to grow to more than US$20 billion each, according to the report.

Momentum is likely to continue next year, with seven out of every 10 TikTok users in the US and Southeast Asia indicating their spending on K-food and K-beauty will increase next year, the report said.