South Korea invests 8x more than Brazil in culture economics

South Korea invests 8x more than Brazil in culture economics

South Korea surprised the world with the extraordinary performance of directed by Bong Joon-Ho, at Oscar 2020: there were six statuettes and, for the first time, a film not spoken in English was the winner in the category of Best Film. The result, however, did not surprise anyone who follows the development history of South Korean cinema: “The awards of this edition of the Oscar are the result of a public policy aimed at strengthening the South Korean audiovisual market over 70 years”, says Gisele Jordan, coordinator of the Cinema and Audiovisual course at ESPM SP. “Today, South Koreans represent the world’s fifth largest audiovisual market.”

Among the reasons for the success of the film industry in South Korea, according to Gisele, are the tax exemption for the sector and a long period of market reserve after the Korean War (1950-53), which allowed South American cinema to Korean to become stronger, to be the most consumed in the country and finally to become an export product.

According to the World Bank, investments in the cultural economy sector in South Korea – which includes the audiovisual sector – were $ 26.7 billion in 2014, against $ 3.1 billion invested by Brazil in the same year. . In 2018, Brazil invested 2.6% of GDP in creative economy, according to the Secretariat of Culture. “The benefits of investing in cultural economics are broad. Among the direct ones, we have a more heated job market, visibility for the cultural business chain and contents that present the country to the world. Among the indirect ones, are the opening of new economic markets and the generation of curiosity, tangible in tourism to locations of famous films ”, says Gisele Jordão.

In addition to economic benefits, the audiovisual market represents an important instrument of international politics. “Cinema is the most powerful tool for cultural diplomacy. Asian countries are following the same successful strategy as the United States with 20th century Hollywood ”, says Fausto Godoy, professor of International Relations at ESPM SP. In his career as a diplomat, Godoy served the Ministry of Foreign Affairs in 11 countries in Asia. “Although we still have a way to go in cinema, our soap operas are hugely successful in Asia. We must think of more strategies to replicate this success in the audiovisual sector as a whole ”, he says.

About ESPM

ESPM is an innovative business school, a Brazilian reference in higher education in the areas of Communication, Marketing, Consumption, Administration, Corporate Diplomacy and Creative Economy. Its 15,000 undergraduate and graduate students and more than 1,200 employees are spread over eight campuses – four in São Paulo, two in Rio de Janeiro, one in Porto Alegre and one in Florianópolis. Lifelong learning, lifelong learning, teaching excellence and a focus on the market are the foundations of ESPM. To this end, the institution constantly invests in new learning methodologies, technologies and infrastructure.