The output of the audiovisual and broadcasting sector in South Korea stood at 22.765 trillion South Korean Wons in 2023. Over the decade, the industry has shown a general upward trend with some fluctuations. From 2015 to 2019, growth was steady, albeit with a slight dip in 2019. The sector experienced a significant decline in 2020 due to external factors, with a 16.3% year-on-year decrease. This was followed by a strong recovery in 2021 with a 24.13% increase. The years 2022 and 2023 saw stabilization with minor variations of -1% and 0.95% respectively.
Looking forward, the sector is expected to grow at a modest rate. The 5-year forecast from 2023 predicts a compound annual growth rate (CAGR) of approximately 0.75%, leading to an overall growth rate of 3.81% by 2028. Future trends to watch include the impact of digital transformation, the integration of advanced technologies like AI and VR, and potential shifts in consumer behavior influenced by global media consumption patterns.
