In addition to this, the government has also opened two graduate schools where the Korean culture, arts, music and other activities are taught. Right from the time when there was a growth of 1 % in the export of cultural products, there has been a growth of 0.03 % in the sales of the consumer products. Thus the Korean wave is also impacting other businesses including production, value addition, and employment etc. The economic impact of the business is that the overall business related to the export of culture and cultural product is around 5 trillion per year. Thus it can be clearly seen that other than the boost in the profits due to the cultural segments, the K Wave is also creating the great impact on the consumer goods and its exports, and a number of tourists on the international level.
Another economic impact of the growth of Korean wave is the rise of the cultural exports in China and other South East Asian nations in the past six years. In addition to this, there has been a dramatic rise in the number of tourists’ visits to the South Korea from other nations. It has been found that around 9.8 million tourists have visited Korea from different parts of the world. The overall profits earned from the tourists have risen to around $ 9.7 billion in 2012. In addition to this, because of the K Wave there has been an impact on the FDI with respect to the services.
According to an analysis done by the Korea Trade Investment Promotion Agency (KOTA), it has been found that the economic impact of the Korean wave is around 12.6 trillion in the year 2014. It has been revealed that there is a rise of around 4.3 percent in the industrial output, which may because of the popularity of the Korean Pop stars. In addition to this, the gaming, the tourism, food and beverage sections have been flourishing. According to the report by Kotra (2014), gaming industry in Korea has earned a profit of around 2.2 trillion in the inducement of the product, followed by the tourism industry which has earned the profit of around 2.1 trillion and also the food and the beverage industry with a total of 1.8 trillion. Another big growth has also been observed by the cosmetic industry which is around 57 % with a total of 882 million. In addition to this, as much as 102,326 new jobs have been created for the people of Korea. Most of these jobs have been observed in the tourism and the gaming industry.