Recent Release | 17 Aug 2022

A PLATFORM FOR KOREAN OPPORTUNITY: Assessing the economic, societal and cultural impact of YouTube in South Korea in 2021

Economic Consulting Team

Oxford Economics

A PLATFORM FOR KOREAN OPPORTUNTY: Assessing the economic, societal and cultural impact of YouTube in South Korea in 2021

As the status of K-pop rises worldwide, the influence of K-culture is also increasing day by day. Psy’s ‘Gangnam Style’, which celebrated its 10th anniversary this year, was the first video to record 1 billion on YouTube in 2012, launching the ‘Billion View Club’ and establishing K-pop’s global presence.

Oxford Economics worked closely with YouTube in the second quarter of 2022 to develop a rigorous approach to measuring the video platform’s economic, social, and cultural impact across South Korea. Our study quantified jobs and GDP outcomes and examined the ripple effects on adjacent industries and individuals’ quality of life. We surveyed 3,000 YouTube users, 800 creators, and 500 businesses across the country, and interviewed business leaders to glean insights into how the platform is playing a role in their day-to-day operations.

Assessing the economic, societal and cultural impact of YouTube in South Korea in 2021

The source of YouTube’s economic footprint in South Korea is the advertising revenues it generates for creators and media companies, and the advertising-derived royalty payments made to the music industry, as well as off-platform revenues earned by creative entrepreneurs that are stimulated by their YouTube presence. In our modelling framework we also capture the indirect and induced economic impacts of these revenues, that ripple through Korean supply chains and are boosted by the wage expenditure of those employed.

We found that YouTube’s creative ecosystem contributed over ₩2 trillion to South Korea’s GDP and more than 86,000 full-time equivalent jobs.

In the report, we present the results of our economic modelling and wider research, accompanied by additional evidence and case studies from some of South Korea’s most notable YouTube stars and creative entrepreneurs, including: The Pinkfong Company, Tzuyang, CJ ENM, 3PRO TV, and Quebon AI Math.

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About the team

Our economic consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques. Lead consultants on this project were:

James-Lambert
James Lambert

Director of Economics

+65 6850 0125

James-Lambert

James Lambert

Director of Economics

Singapore

James is the Director of Oxford Economics’ economic consulting services in Asia.

James moved to this role from Oxford Economics’ London office, where he headed up a team dedicated to exploring the economic impact of technology. He delivered high profile studies on the growth of the digital economy, the impact of automation and the implications for the labour market.

Prior to joining Oxford Economics, James spent over six years in the Government Economics Service. He worked in economics teams of the Cabinet Office, the Foreign and Commonwealth Office and the Department for Transport. There, he gained experience in microeconomic analysis and impact assessment as well as international macroeconomics, economic risk analysis and energy security. In the FCO, James spent three years working on economic issues in East and South East Asia. He also previously worked for the International Labour Organization.

Andrew P Goodwin

Director of Applied Economics, Europe & Middle East

+44 (0)203 910 8050

Andrew P Goodwin

Director of Applied Economics, Europe & Middle East

London

Andrew is Director of Applied Economics, Europe & Middle East, and is based in our London office.

Since joining Oxford Economics in 2013 Andrew has led studies across a range of subject areas for public and private sector clients. These include projects for the Global Infrastructure Hub and PwC to forecast global infrastructure needs; economic impact studies in the aviation, maritime and defence sectors; work for cultural institutions such as the Royal Botanic Gardens, Kew and the British Library; analysing the impact of R&D support for clients including BEIS and the Centre for Process Innovation; and labour market studies for the UK Commission for Employment and Skills, the Department for Transport, and the Northern Ireland Department for Employment and Learning.

Before joining Oxford Economics, Andrew spent six years working as a Government economist at the Home Office and Department for Transport. Prior to that Andrew worked at DTZ Research and Consulting, where his responsibilities included analysing local economies and economic forecasting. Andrew holds an MSc in European Economic Integration from the University of Kent, where his dissertation analysed drivers of growth for European cities, and a BA in Economics with European Study from the University of Exeter.

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