Korea, as a newcomer to the global market, has witness the dozens of success cases to internationalize domestic companies. Samsung, LG, and Hyundai even have become the biggest companies in the world. Today, however, Korea is showing more potential and competency in entertainment market. Represented as ‘Korean Wave’, Korea has gained the good reputation as producing good cultural contents that are loved world wide. SM Entertainment, the biggest entertainment company is Korea, has took globalization strategy, to expand its market world wide. We will analyze the achievement that it has had so far, and the competitive strength. Setting the future market as US, we will extend the analysis to enter the new market.
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2. Brief Explanation of the Entertainment Industry
1) World Entertainment Industry
Entertainment, by definition, consists of any activity which provides diversion for people to amuse themselves in their leisure time. The industry comprises very wide scopes, including movies, music, TV show and so on. As the standard of living improving, the needs for entertainment have significantly risen. The world entertainment industry, according to Price Waterhouse Coopers(PWC) has been witnessed to grow at the annual rate of 7.3 percent. This rate outnumbers the world GDP growth rate by three times, considering it was around 2-3 percent annually.
At the same time, seeing the world entertainment market, we can see that it is mainly taken up by two major countries, US and Japan. No doubt, the rate is closely related to the living standard, and Korea takes only 3 percent of the total market.
2) Korean Entertainment Industry
The entertainment in Korea is one of the fastest growing industries, and it is believed to have great potential, to receive massive government support for sake of fostering it. So it has been, that Korea has had much stronger competitive advantage in music and TV show sales and exports than other Asian countries. The amounts of export in entertainment industry were 631 million dollars in 2003, which has significantly grown to reach 1555 million dollars in 2007. It was mainly due to the reputation Korea has
SM Entertainment is known for having led the worldwide K-pop phenomenon and the musical side of "Hallyu", also known as the "Korean Wave", with early overseas successes such as H.O.T., S.E.S. and BoA.SM Entertainment, founded in 1995 by Head Producer Lee Soo Man, is the first company in the industry to introduce systematic casting, training, producing, and management systems, and it has been discovering unique content by pinpointing demands for music and cultural trends. SM Entertainment entered the global marketplace using globalization and localization strategies through culture technology and has become a leading entertainment company in Asia.
SM Entertainment has successfully set foot in North America, South America, and Europe while maintaining its base in Asia, and has enhanced the national brand of Korea and promoted the growth of the culture industry.
SM Entertainment will continue to lead the entertainment industry until Korea becomes a ‘Cultural Powerhouse' as well as an ‘Economic Powerhouse' based on the idea that our economy will reach its heights only when our culture wins the heart of the entire world.
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Korea, as a newcomer to the global market, has witness the dozens of success cases to internationalize domestic companies. Samsung, LG, and Hyundai even have become the biggest companies in the world. Today, however, Korea is showing more potential and competency in entertainment market. Represented as ‘Korean Wave’, Korea has gained the good reputation as producing good cultural contents that are loved world wide. SM Entertainment, the biggest entertainment company is Korea, has took globalization strategy, to expand its market world wide. We will analyze the achievement that it has had so far, and the competitive strength. Setting the future market as US, we will extend the analysis to enter the new market.
If you need assistance with writing your essay, our professional essay writing service is here to help!
Essay Writing Service
2. Brief Explanation of the Entertainment Industry
1) World Entertainment Industry
Entertainment, by definition, consists of any activity which provides diversion for people to amuse themselves in their leisure time. The industry comprises very wide scopes, including movies, music, TV show and so on. As the standard of living improving, the needs for entertainment have significantly risen. The world entertainment industry, according to Price Waterhouse Coopers(PWC) has been witnessed to grow at the annual rate of 7.3 percent. This rate outnumbers the world GDP growth rate by three times, considering it was around 2-3 percent annually.
At the same time, seeing the world entertainment market, we can see that it is mainly taken up by two major countries, US and Japan. No doubt, the rate is closely related to the living standard, and Korea takes only 3 percent of the total market.
2) Korean Entertainment Industry
The entertainment in Korea is one of the fastest growing industries, and it is believed to have great potential, to receive massive government support for sake of fostering it. So it has been, that Korea has had much stronger competitive advantage in music and TV show sales and exports than other Asian countries. The amounts of export in entertainment industry were 631 million dollars in 2003, which has significantly grown to reach 1555 million dollars in 2007. It was mainly due to the reputation Korea has
Answer:
SM Entertainment is known for having led the worldwide K-pop phenomenon and the musical side of "Hallyu", also known as the "Korean Wave", with early overseas successes such as H.O.T., S.E.S. and BoA. SM Entertainment, founded in 1995 by Head Producer Lee Soo Man, is the first company in the industry to introduce systematic casting, training, producing, and management systems, and it has been discovering unique content by pinpointing demands for music and cultural trends. SM Entertainment entered the global marketplace using globalization and localization strategies through culture technology and has become a leading entertainment company in Asia.
SM Entertainment has successfully set foot in North America, South America, and Europe while maintaining its base in Asia, and has enhanced the national brand of Korea and promoted the growth of the culture industry.
SM Entertainment will continue to lead the entertainment industry until Korea becomes a ‘Cultural Powerhouse' as well as an ‘Economic Powerhouse' based on the idea that our economy will reach its heights only when our culture wins the heart of the entire world.
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