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<ul><li>From concert tickets, learning the language, albums, and photo books, to online or in-person meet-and-greets, K-pop fans leave no stone unturned in immersing themselves in their idols’ culture.</li><li>Now, with <keyword id="10879114" type="General" weightage="20" keywordseo="Non-fungible-Tokens" source="Orion">Non-fungible Tokens</keyword> (NFTs), owning a special item is always going to be attractive to all dedicated fans.</li><li>K-pop fans, brand experts and NFT marketplaces tell us all you need to know about the oncoming wave of K-pop NFTs.</li></ul>It was in 2012 that Korean Singer Park Jae-sang’s (PSY) song ‘Gangnam Style’ took the world by storm, became the <a href="https://www.usatoday.com/story/entertainment/music/2019/12/20/youtube-most-viewed-music-videos-from-gangnam-style-to-despacito/2702463001/">most </a>streamed song on YouTube and what followed was the birth of the South Korean Wave or Hallyu in India. <div type="image" title="Gangnam style gif" msid="90628215" hostid="261"></div> This global phenomenon was later driven by music, movies, and dramas, which further rose to popularity in India during the <a href="https://www.aljazeera.com/economy/2021/9/15/k-craze-korean-dramas-and-culture-are-taking-india-by-storm">lockdown</a>. For most fans, the affair with South Korean culture began with Korean popular music (K-pop) and its biggest bands such as Bangtan Sonyeondan (BTS), Blackpink, MonsterX, iKon, Big Bang, Twice, and Red Velvet. Slowly, the fondness expanded to the food they ate, the language they spoke, the make-up and jewellery they wore, and a highly enthusiastic, loyal and active fandom was born. As per research and analytics firm <a href="https://www.statista.com/statistics/956032/south-korea-kpop-popularity-in-india/">Statista’s </a>recently conducted survey in India between the ages of 15 and 59 years who had experienced South Korean cultural content, K-pop was considered to be very popular by 34.4% of respondents. Statista’s another <a href="https://www.statista.com/topics/5098/music-industry-in-south-korea/#:~:text=All%20in%20all%2C%20the%20South,to%20become%20a%20global%20phenomenon.">report </a>on Korean culture said that the South Korean music industry achieved an all-time high sales revenue of over ₩6.8 trillion in 2019, as well as an export value of over $756 million, <a href="https://www.washingtonpost.com/business/2020/01/30/bts-kpop-bighitentertainment/">which accounts for a sizeable 0.3% contribution to South Korea’s GDP</a>. The same survey found that the <a href="https://www.statista.com/statistics/937260/south-korea-reasons-for-kpop-popularity-worldwide/">main reason for its popularity</a> were the catchy rhythms and choruses. Indian digital content creator, Radhika Bangia, who often dresses up as her favourite Korean characters on Instagram, is followed by 1.6 million people. Her bio, “Crash landing on K-dramas”, explicitly declares her love for the Korean culture to the world. It was her Korean best friend in New Zealand who introduced her to K-pop. Bangia got really hooked on to the music when Boy With Luv, a BTS song, came out and in the world of K-drama, it was Boys Over Flowers for her. She says that she has been surprised at the speed which K-Pop and K-drama have grown in India. “K-Pop/K-Drama is mainly a love-it or hate-it affair (even though it’s so catchy I’m not sure how you can hate it). It’s so much fun to meet and interact with other K-Pop/K-Drama fans and see their enthusiasm for it,” says Bangia in an emailed reply to Business Insider. Why Indian advertisers need to take K-pop fandom more seriously Fans of K-drama and K-pop have created various groups on Facebook, <a href="https://www.reddit.com/r/kpop/">Reddit</a>, Telegram, Clubhouse, where they bond over their shared love for South Korean culture. Their loyalty for their favourite stars is most apparent in the <a href="https://www.d8aspring.com/eye-on-asia/the-power-of-k-pop-groups-in-endorsement-deals">rise </a>of K-Pop Twitter fancams, record-breaking YouTube streams, and sold-out concerts and merchandise. As per Southeast Asian e-commerce aggregator, iPrice Group, a devoted member of the BTS army across Southeast Asian countries, must have <a href="https://iprice.ph/trends/insights/how-much-money-do-kpop-fans-spend-on-their-idols/">spent </a>an average of $1,422, which is equivalent to buying an iPhone 12 Pro. This average purchase includes at least 15 studio albums, five concerts and numerous merchandise. <div type="image" title="k-pop" msid="90628210" hostid="261"></div> Fans of K-pop across South Asian countries and globe, do not shy away from spending money to support their idols. It is a quality that brands look for in their ambassadors -- the ability to start a conversation among a huge fan following and their social currency. BTS followers are also one of the major representatives of the <a href="https://www.bloomberg.com/news/features/2020-10-28/bts-k-pop-stans-are-fighting-qanon-and-maga-on-social-media?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-businessweek&amp;utm_content=businessweek">online “stan” culture,</a> where super fans use different online channels, especially social media, to continuously promote and defend their idols. According to <a href="https://www.rollingstone.com/music/music-news/bts-twitter-account-mentions-fans-1128480/">Twitter</a>, BTS has been the most-tweeted-about band on Twitter for four consecutive years. However, in India, only multinational food chain McDonald’s has tried to leverage on this huge stan culture. Last year in April, McDonald’s launched the BTS Meal across 11 countries in Asia, including India. The internet <a href="https://www.campaignasia.com/article/bts-campaign-in-asia-has-been-phenomenal-mcdonalds-asia-marketer/469926">exploded </a>with messages from ARMY, fans of BTS, and McDonald’s. Apart from that, we have only seen international collaborations such as Samsung, Coke and Hyundai with BTS. Telling us why Indian brands have failed to jump in the whirl of Hallyu, Lloyd Mathias, business strategist and marketing expert, says, “Indian brands have yet to tap into the immense potential of K-Pop as a marketing tool, partially because of the inability of marketers to fully comprehend the phenomenon and more specifically as Indian brands will have to enter into specific licensing arrangements with them. For global brands like Coke and McDonald’s and Korean brands like Hyundai and Samsung, this clearly poses no problems.” K-drama fan Bangia was thrilled at the idea of two cultures coming together. “I would personally love to see some Indian brands collaborating with BTS or BlackPink. I think the mixing of cultures would be cool to see!” While Indian fans are getting their dose with international collaborations and the merchandise available online, the unconditional love that ARMY and various K-pop fans extend, offer an immense potential for brands in bringing in new consumers. Anjali Malthankar, national strategy director at digital advertising agency Tonic Worldwide, says, “Indian brands are treating K-pop as topical content, but there is a big opportunity for Indian brands to ride the wave and appeal to the K-pop fanbase. What fans in India would want, is to be as close to the K-pop stars as possible, and to have access to them. In fact, that’s what K-pop has cracked on social media. They know what their fans want and the whole model is about giving power to the fans to make their favorite stars more popular. I feel, a live concert, physical or virtual/experiential can be a big platform for Indian brands to participate.” On the other hand, founder and chief executive officer (CEO) of blockchain analytics company bitsCrunch, Vijay Pravin Maharajan points out that it would be unfair to say that Indian brands have failed to capitalise on its popularity as there are so many different opportunities for brands to draw in audiences. “It is important to remember that, like South Korea, India is home to a thriving local entertainment industry and is a melting pot for entertainment worldwide. Even among those who were favourable to K-pop, there are certainly other genres and industries they engage with. It is highly unlikely that the average Indian K-pop fan engages exclusively with the genre. Indian brands are likely to go with local entertainment and artists, of which there is an almost continuous supply,” says Maharajan. Can NFTs be a place where fans get their due? Any fan is not just a spectator or silent admirer of art, they are active stakeholders who go out of their way to support their idols. From concert tickets, learning the language, buying albums, and creating photo books, to online or in-person meet-and-greets, K-pop and K-drama fans leave no stone unturned in <a href="https://homegrown.co.in/article/803152/merchandise-events-more-a-guide-to-everything-k-pop-in-india">immersing </a>themselves in their idols’ culture. And Non-fungible tokens (NFTs) are pushed toward heavily engaged fandom. Apart from <a href="https://www.verizon.com/business/small-business-essentials/resources/beliebers-why-care-231604811/">Beliebers</a>, <a href="https://fandomwire.com/popular-actors-who-are-bigger-potterheads-than-you/">Potterheads</a>, <a href="https://www.diggitmagazine.com/articles/taylor-swift-and-story-swifties-fandom">Swifties </a>and fans who form a beeline diligently in front of Amitabh Bachchan and Shahrukh Khan’s bungalows in Mumbai, K-pop and K-drama lovers are amongst the biggest communities. With K-pop NFTs, fans can own a special collectible item that would stay with them forever, even transfer onto different clouds. It would get them an opportunity to support their artist directly, flaunt their fandom and become a part of the larger community. So, can K-pop NFTs be the next big wave in the growth of Korean culture in India? Brand guru Mathias says yes. “I believe NFT can help take this to the next level given that many can now ‘own’ part of the phenomenon in the metaverse.” Korean culture has successfully built a sense of connectivity and relativity with the Indian masses, owing to the commonality of culture in terms of food habits, manners, and behaviour. With NFTs, fans of these two cultures can support their favourite artists. Ramkumar Subramaniam, CEO and cofounder of no-code NFT platform GuardianLink, says, “With the rise of NFTs aided by the popularity digital currency and assets have garnered, especially in the entertainment and art fields, even the globally famous South-Korean band, BTS, entered the red-hot NFT space in November. Given that India is rapidly adopting NFTs as a way of building connect with their favourite artists, NFTs are anticipated to be the next big thing fuelling Korean culture’s penetration in India.” Sai Krishna VK, founder of visual tech company Scapic, who is also known for his content around crypto and investment, says, “NFTs intrinsically capture value that fandom has always had, the only difference is that this value is now a direct relationship and with ownership too, in some cases. Industries like K-pop will be among the biggest to benefit from this as the chance to interact, engage and be closer to the stars you idolise is the sort of technology product that was simply not possible before this.” The initial buzz around the world of NFT was by crypto investors. They finally found a medium to spend their digital money on. Now, from <a href="https://timesofindia.indiatimes.com/entertainment/telugu/movies/news/prabhas-posters-from-radhe-shyam-to-be-available-as-nfts/articleshow/90054402.cms">Prabhas </a>fans to K-pop, NFTs are attracting more diverse audiences and fandoms. Finfluencer Neha Nagar has been talking about the growth of NFT and crypto in India. She thinks that the introduction of K-pop NFTs to India will give a push to both Korean culture and NFT’s adoption. “K-pop fans are a very strong community, now every K-pop fan will be forced to think about NFTs, which will lead some of them to actually buy those NFTs for the sake of love for their k-pop stars. K-pop fans already have spent on merchandise and tickets to support their stars. Owning k-pop, NFTs will now be called ‘a proof of being a k-pop fan,’ especially genZ will get more attracted to NFTs now, which will push the NFT craze to next level. This is going to be quite exciting!” Maharajan of bitsCrunch says, “With the growing popularity of K-pop in India, moving the production of music videos to the digital realm may be the way of the future.” While K-pop fans are voicing their <a href="https://www.theatlantic.com/technology/archive/2021/12/nft-kpop-environmental-problems/621091/">concerns </a>over carbon-torching NFT, various <a href="https://www.businessinsider.in/cryptocurrency/news/binance-and-the-record-label-behind-k-pop-sensation-blackpink-will-work-on-creating-eco-friendly-nfts/articleshow/89435868.cms">labels </a>have started working on launching greener NFTs. Bangia is optimistic that K-pop fans will accept NFTs that support their favorite artists, “but my personal hope is that we can find a way to minimise the amount of energy that blockchain requires,” she adds. K-pop has been able to make international inroads in recent years and now with the arrival of various K-pop NFTs, the future of hallyu in India looks <a href="https://youtu.be/gdZLi9oWNZg">Dynamite</a>!

NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

<ul><li>There is an increased demand for Korean noodles and more sellers are joining the platform.</li><li>India’s South Korean ramen imports rose from ₹10.44 crore in 2020 to ₹30.63 crore in 2021.</li><li>The surging demand is mainly from Tier 1&amp;2 cities. </li></ul>There is something new on the plate for <keyword id="2884394" type="General" weightage="20" keywordseo="instant-noodle" source="Orion">instant noodle</keyword> lovers in India – ramen from Korea. Long used to the comfort of Maggi and Yippee, Indian consumers are warming up to the spicier noodle options offered by Korean brands like Nongshim, Samyang, <keyword id="14761789" type="General" weightage="80" keywordseo="paldo" source="Orion">Paldo</keyword> and more as the Korean wave sweeps the nation. Korean ramen is also the latest viral food on Instagram. Influencers are posting reels on social media, reviewing them and jumping on the hallyu which means the Korean wave. GenZs and Millennials cannot get enough of these K-noodles, just like their love for K-dramas and K-pop. “Korean noodles have grown more than the instant noodles category. Most of the demand is coming from the Tier-1 and Tier-2 cities,” said Seshu Kumar Tirumala, national head-buying and merchandising at Bigbasket. However, it is to be noted that Korean instant noodles have a very low base in India, with Nestle’s Maggi and ITC’s Yippee dominating the Indian instant noodles market. <div type="image" title="Korean Noodles" msid="93663312" hostid="261" sizebytes="171884"></div> However, imports of noodles are growing slowly but steadily. India’s South Korean ramen imports rose from ₹10.44 crore in 2020 to ₹30.63 crore in 2021, according to an Economic Times <a href="https://economictimes.indiatimes.com/prime/consumer/riding-the-hallyu-wave-how-korean-packaged-food-is-making-its-way-into-indian-homes/primearticleshow/86045707.cms">report</a>. “Korean noodles have seen a growth of 140% over the last year in the Indian market and ramen noodles are contributing to 90% of the overall category on Bigbasket,” said Tirumala. Most of the demand for these niche products seems to be coming from quick commerce players or grocery delivery services as opposed to the traditional kiranas. Apart from quick commerce, specialised K-stores like Seelamart in Delhi, and Korean online retailer korikart.com cater to the buyers in the segment. “Nongshim, Paldo and Samyang are the top Korean ramen sellers in the Indian market,” said Akhil Jetly, assistant manager at Seelamart. A <keyword id="12724311" type="General" weightage="80" keywordseo="blinkit" source="Orion">Blinkit</keyword> spokesperson says that there has been an increased demand for global cuisine in general and Korean noodles in particular. “Just a year ago, there was hardly any interest in this category but now, the business has been growing about 20% month-on-month. More sellers are joining the platform, and since the market has turned competitive, prices are low,” said Blinkit’s spokesperson. Korean noodles however are pricier than their Indian counterparts – in some cases by as much as 10 times. The cheapest Korean noodles pack costs around ₹50, and goes as high as ₹200. Most of them are in the ₹100-150 range, according to data from wholesalers and retailers. Yet, that hasn’t prevented those who have acquired the taste of K-noodles from digging in and expanding their palate. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/tiktoks-in-app-browser-on-ios-includes-code-that-can-monitor-your-keystrokes-and-taps/articleshow/93662878.cms">TikTok’s in-app browser on iOS includes code that can monitor your keystrokes and taps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/there-is-a-yawning-gap-between-the-confidence-of-consumers-and-businesses/articleshow/93662752.cms">There is a yawning gap between the confidence of consumers and businesses</a>

Beyond the squid game: Indian taste seekers are warming up to K-noodles

South Korean exports are often referred to as the world's economic <a href="http://www.businessinsider.com/chart-korean-exports-2013-3">canary in the coal mine</a> because of their exposure to the US (12.3%), China (25.4%) and Japan (5.6%) - the world's three largest economies.In fact, 48% of South Korea's exports go to those countries if you consider Hong Kong (4.8%) as part of China, according to the <a href="https://www.cia.gov/library/publications/the-world-factbook/geos/ks.html">CIA's World Factbook</a>. Recently, Wall Street has been rather <a href="http://www.businessinsider.com/south-korean-exports-november-2015-2015-12">gloomy about the prospects for the global economy</a>. And rightfully so as South Korean exports have fallen by double-digit percentage points over each of the last three months.In fact, South Korea hasn't recorded year-over-year export growth since December 2014.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Andy Kiersz / Business Insider, Data from Bloomberg</div></div></div>However, HSBC is beginning to see some "green shoots" emerge as Chinese tourism picks up, and the Korean culture wave, or Hallyu, continues to "sweep the region."The firm says, Chinese consumers are becoming increasingly interested in "Korean food, cosmetics, fashion, music and, more importantly, TV dramas." In early December, the won was trading at around 9.50 per yen. Then, further deterioration in South Korean exports and the possibility the Bank of Japan would introduce negative interest rates caused the won to weaken to worse than 10.37 per yen.Following some initial won strength after the Bank of Japan announced negative interest rates, the won's weakness continued, touching 11.00 per yen. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Andy Kiersz / Business Insider, Data from Bloomberg</div></div></div>The recent won weakness versus the yen has helped alleviate some of the pressure on South Korea's exporters.Korea and Japan compete heavily for exports as both look to offload their automobiles, electronics and steel onto the rest of the world.HSBC believes this development is likely good news as a weak won is usually positive for South Korean equities. <div class="KonaFilter image-container display-table"><div><div class="image on-image">HSBC</div></div></div>HSBC economist Frederic Neumann believes South Korea's macro fundamentals are sound, and that the country's finances are in a lot better shape than most of the region."Talk of financial stress is overdone," Neumann wrote. And that could be good news for the global economy. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/grammys-2016-awkward-best-moments-2016-2">The 10 most awkward moments from the 2016 Grammy Awards</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tyeHB4MDE6CDrgIqyPC8PIfp6Cc57rPJ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

There are 'green shoots' coming from the world's economic 'canary in the coal mine'

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NFTs may finally leverage India's fandom for Korean drama and music, which Indian brands have failed to cash in on

Karuna Sharma

Beyond the squid game: Indian taste seekers are warming up to K-noodles

Soniya Tiwari

There are 'green shoots' coming from the world's economic 'canary in the coal mine'

Jonathan Garber

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