In the study, by applying to the musical industry the four environmental evolution stages observed in the industrialization process of the culture & content industry, examines the former sector's industrialization status and offers concrete sugges...
In the study, by applying to the musical industry the four environmental evolution stages observed in the industrialization process of the culture & content industry, examines the former sector's industrialization status and offers concrete suggestions for growth and development. Structurally-speaking, there are three environmental spheres affecting the growth of the musical industry; the business environment, the market and the industrial infrastructure. Change at the level of business may include domestically-developed content, new management techniques or the creation of conglomerates or business groups, while investment promotion or market internationalization can bring positive transformations at the level of the market. Finally, fostering specialized manpower, expanding performance facilities for musicals, creating musical clusters or implementing social safety nets such as insurances for artists are some of the relevant infrastructure-related issues. The growth strategies suggested by the present study are concrete and practical thanks to its sensitivity to the interrelatedness of these different issues.
Finally, given that, aided by the popularity enjoyed of late by Korean culture in Northeast Asia, as attested to by such syndromes as "Korea Fever," Korea's musical industry disposes of a competitive edge superior to many other sectors including cutting-edge industries within the regional context, the eight detailed strategies the present study offers may provide valuable assistance for the growth of this high added-value industry with a tremendous potential to become one of the next-generation growth engines.