K-Pop Demon Hunters: A Case Study in the Economic Impact of K-Content
K-pop Demon Hunters
K-Pop Demon Hunters = KDH
Hello, I'm Ellua.
I finally got around to watching K-Pop Demon Hunters yesterday.
While watching KDH, I wondered how much economic impact it actually has on our country.
Today, I've summarized the economic, tourism, and export ripple effects of the K-content industry, focusing on this particular work.
<What is K-Pop Demon Hunters?>
A Global Success Story of K-Content
- Production: Sony Pictures Animation × Studio Mir (Korean Co-production)
- Distribution: Netflix (Global Release)
- Success: Ranked #1 on Netflix globally within a week of release.
- Key Features: ‘K-Worldview Content’ combining K-pop, traditional culture, and female heroes.
This work isn't just a simple animation.
It's evaluated as a symbolic result of the K-content industry's global competitiveness and the spread of the Korean Wave (Hallyu).
<Economic Ripple Effects of K-Pop Demon Hunters>
Approximately 1 Trillion KRW in Production-Induced Effects from a Single Piece of Content
According to an analysis applying the industry-relatedness coefficient from the Ministry of Culture, Sports and Tourism and the KDI,
the domestic economic effect of K-Pop Demon Hunters is estimated to be around 1 trillion KRW.
Category
Content
Estimated Scale
Direct Revenue
Domestic portion of OST, Copyright, Merchandise, etc.
150 - 200 Billion KRW
Production-Induced Effect
Chain Effect of the Content Industry (Coefficient 2.1)
300 - 400 Billion KRW
Tourism & Consumption Effect
Consumption and Visits Centered on the Fandom
Approx. 500 Billion KRW
Total
—
Approx. 1 Trillion KRW
‘An Era Where One Piece of K-Content Changes a Portion of GDP’
K-Pop Demon Hunters is considered a model for the economic capitalization of Korean IP.
1. K-Content Export Effect: Growth of the Music & Copyright Industry
K-Pop Demon Hunters' OST, ‘Golden,’
shook the global OST market by entering the Billboard charts.
- 6.8% increase in overseas streaming listens on Spotify, Apple Music, etc.
- Increased royalty income for Korean composers and producers
- Korea Music Copyright Association (KOMCA) saw a 38% increase in overseas copyright revenue compared to the previous year.
K-Pop OSTs are now an ‘exportable music product’ and a core driver of the Hallyu economy.
2. Hallyu Tourism Effect: Increased Seoul Tourism Centered on the Fandom
Namsan Tower, Hongdae, Gyeongbokgung Palace, and Hanok (traditional Korean house) Streets, which are the backdrops in the movie,
have emerged as new ‘K-tourism destinations’ among fans.
- As of July 2025, Seoul saw 1.36 million foreign tourists (up 22% from the previous year)
- Surge in Hallyu experience programs, merchandise shops, and food/accommodation consumption
- Spread of 'Pilgrimage-style tourism' centered on fans
The tourism effect of K-Pop Demon Hunters alone is about 500 billion KRW.
This is a ripple effect that leads to consumption of K-food, fashion, and beauty products, not just simple visits.
3. Consumer Goods Effect: KDH Collaboration Merchandise and Brand Marketing
K-Pop Demon Hunters has brought a strong economic effect to the consumer goods industry through brand partnerships (IP licensing).
- Collaboration products released with Nongshim, Innisfree, Kakao Friends, etc.
- Sales of photo cards and limited-edition merchandise → Over 20 billion KRW in revenue
- Increased brand awareness and overseas consumer preference
KDH has proven the model where ‘content is brand.’
4. IP Expansion Effect: Ripple Effect into the Digital Industry
- KDH character NFTs, metaverse exhibitions, and mobile game launches are planned.
- Secondary IP creation revenue accounts for over 37%.
- Increased awareness of Korean game and animation technology
This is a prime example of how the K-content IP business is expanding beyond simple film revenue into digital assets.
5. Job Creation and Industrial Growth Effects
- Approximately 1,000 jobs created in animation, translation, marketing, OST production, etc.
- Revitalization of domestic small and medium-sized content production companies
- Strengthening of the creative ecosystem centered on freelancers and young people
K-Pop Demon Hunters has become a prime model for a structure where content creates jobs.
<Risks and Challenges: A Domestic Recirculation Structure is Key>
Problem
Description
Necessary Response
Revenue Leakage Overseas
Production and Distribution Primarily Overseas
Need to Expand Domestic IP Ownership
One-Off Consumption
Consumption Structure Centered on Fandom
Series/Sustainable Content Strategy
Overheating Merchandise Issues
Side Effects of Random/Resale Markets
Strengthen Consumer Protection Standards
Limitations on Creator Compensation
Contracts Centered on Global Capital
Strengthen the Rights of Domestic Creators
<Implications: Strategies for Sustaining the Economic Effect of K-Content>
- K-Content must be recognized as an export industry.
→ Hallyu content is not just culture, but an export asset.
- Securing domestic IP rights is key to revenue recirculation.
→ The contract structure must be improved from the production stage.
- Building a Hallyu ecosystem that connects tourism, consumption, and brands.
→ True economic effects are created when culture, industry, and consumption are connected.
- Designing a sustainable fan experience.
→ The focus must shift from inducing overconsumption to 'participatory fan experiences'.
<Conclusion>
K-Pop Demon Hunters is not just a simple movie.
It is a prime example that proves Korean content can move the global economy.
Domestic Economic Effect of One Piece of Content: Approximately 1 Trillion KRW
→ Culture is industry, and creation is competitiveness.
K-pop Demon Hunters
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