The trade of intellectual property of domestic music and video content set a record in the first half of the year. Shown is a scene from BroadCast Worldwide 2024, which kicked off on Aug. 27 at COEX Mall of Seoul's Gangnam-gu District. (Yonhap News)
By Lee Jihae
The intellectual property (IP) surplus in domestic music and video content posted a record high in the first half of the year due to the global popularity of Hallyu (Korean Wave).
The Bank of Korea on Sept. 25 released the provisional trade balance of IP showing that music and video content finished USD 610 million in the black, a record high for a half year.
The surplus was attributed to brisk exports of Korean content to over-the-top platforms abroad, it added.
The overall IP surplus in culture and arts was USD 650 million, the second highest since USD 670 million in the second half of 2022. Due to the black figure of music and video content, IP of culture and arts finished in the black for nine consecutive halves since the first half of 2020.
Korea's IP trade balance in the first half also saw a surplus of USD 140 million despite a deficit in industrial property rights.
jihlee08@korea.kr