21世纪伊始，韩国变成了一个羽翼丰满的"富足"之国，什么是美丽，以及如何变得美丽，已经被韩国人 多次重新调整和改造。 【编者按】爱美是人之天性。然而，高度刻板的美的标准，也会将人困在其中。当爱美变成服美役，会 导致全方位的消费主义，引发美容经济爆炸式增长，蓬勃发展的美容业又会变本加厉地制造"理想美"的 标准，导致大量偏见和社会不公。这就是韩国正在发生的事情。 美国记者伊莉斯·胡在驻韩期间完成了纪实作品《完美脸蛋》，呈现了韩国医美行业的全貌，也揭示了 医美需求的成因。经出版社授权，第一财经节选书中部分篇章，以飨读者。 向南跨过将首尔一分为二的汉江，会让你来到江南区。因为鸟叔，我们很多人都知道了首尔有这么个只 比曼哈顿岛小一点的地方。在江南区，马路宽到有十车道，两旁光鲜亮丽的多层混用大厦鳞次栉比，几 乎每个底楼都有一家特许经营的咖啡店。可以肯定的是，江南有大量的高端地产，当然，还不仅于此。 狎鸥亭也许是最富的一带，有非常多的奢侈品零售店和高档轿车展厅，看起来如同一个大得像城市一般 的购物中心。到了夜晚，一些建筑看起来就像精巧的艺术装置，其外墙每隔10秒就换一次颜色，为外面 缓缓前行的来往车流奉上免费的灯光秀。 江 ...

Core Viewpoint - The article highlights the significant growth of the South Korean content industry, particularly in overseas sales, supported by the Korea Creative Content Agency (KOCCA), which plays a crucial role in promoting and funding content production [4][12]. Group 1: KOCCA's Role and Support - KOCCA was established in 2009 as a government agency responsible for revitalizing the content industry, including film and music, and facilitating overseas market expansion [4][12]. - In 2022, South Korea's overseas sales in the content industry reached 11.6 trillion yen, a 2.9-fold increase over the past decade, making it approximately 2.5 times larger than Japan's content industry [4][12]. - KOCCA's budget for 2025 is set at 609.3 billion won (approximately 2.9 billion yuan), which is more than double Japan's support for its content industry [4][8]. Group 2: Business Operations and Networking - KOCCA operates shared office spaces in Tokyo, renting them at low prices to support Korean companies, with 14 participating companies mentioned in the article [5][6]. - The Tokyo Business Center of KOCCA has established relationships with Japanese companies, facilitating connections between Korean enterprises and major Japanese media executives [6][12]. Group 3: Support Standards and Long-term Vision - KOCCA typically covers 10% to 15% of production costs for supported projects, focusing on the process and future potential rather than immediate financial returns [7][11]. - The agency emphasizes a long-term perspective in nurturing talent, such as directors and screenwriters, recognizing that success may take time to materialize [7][11]. Group 4: Comparative Analysis with Japan - Japan's support for the content industry is fragmented across multiple government departments, leading to challenges in developing specialized expertise [12]. - In contrast, KOCCA's systematic approach to support is seen as a model that could accelerate content exports from South Korea [12].

Core Insights - MUSINSA, South Korea's largest fashion retail platform, has opened its first overseas flagship store in Shanghai, aiming to establish over 100 stores in China by 2030 and achieve total sales exceeding 1 trillion KRW (approximately 4.78 billion RMB) [1][2] - The brand's expansion strategy includes a dual-track approach, focusing on both its self-owned brand Musinsa Standard and the multi-brand store Musinsa Store [1][3] - The partnership with Anta, which invested in MUSINSA and formed a joint venture, is crucial for accelerating market penetration in China [3][4] Company Strategy - MUSINSA plans to leverage its online success to expand offline, with the Musinsa Standard brand having opened around 30 stores in South Korea since its launch in 2017, and the Musinsa Store gathering over 10,000 brands with an annual transaction volume of approximately 24 billion RMB [2][3] - The Shanghai flagship store spans about 1,421 square meters and is the fifth largest globally, marking a significant step in MUSINSA's global strategy [2][3] - The company aims to introduce products tailored to Chinese fashion trends and climate, enhancing the customer experience through a combination of online and offline services [3][6] Market Trends - A wave of Korean brands is entering the Chinese market, with at least 20 brands reported to have launched in 2023, and a 110% year-on-year increase in new Korean brands on Tmall International projected for Q2 2025 [1][5] - Unlike the previous "Korean Wave" focused on beauty products, the current influx is primarily in the fashion sector, appealing to young Chinese consumers with design and trend sensitivity [6][7] - The entry strategies of these brands emphasize deep localization and collaboration with local retailers, contrasting with earlier approaches that relied heavily on traditional marketing channels [6][7]

Core Insights - Musinsa, a South Korean fashion retailer, has opened its first flagship store in Shanghai, marking its entry into the Chinese market and the beginning of its global expansion [1] - Anta Sports has acquired a 1.7% stake in Musinsa for 50 billion KRW, indicating a strategic partnership aimed at exploring the intersection of sports and fashion [5] - Musinsa is preparing for an IPO, potentially valuing the company at 10 trillion KRW (approximately 6.8 billion USD), a significant increase from its previous valuation of 3.5 trillion KRW [3][4] Company Expansion - The flagship store spans approximately 1,421 square meters and is located in a prime shopping area in Shanghai, which sees daily foot traffic of around 500,000 [5] - Musinsa plans to open over 100 stores in China within the next five years, aiming for total revenue exceeding 1 trillion KRW (approximately 4.78 billion RMB) by 2030 [11] - The company has also launched its e-commerce presence on platforms like Tmall and Douyin, achieving impressive sales figures shortly after opening [12][13] Market Positioning - Musinsa's product pricing for down jackets ranges from 439 to 965 RMB, positioning it slightly higher than Uniqlo's offerings [11] - The brand emphasizes local adaptation, offering exclusive products tailored to Chinese consumer preferences, while maintaining its Korean identity [9][30] - Musinsa's strategy includes leveraging Anta's resources to enhance its operational capabilities while allowing for independent brand management [5][23] Competitive Landscape - The entry of Musinsa into China coincides with a growing interest in Korean fashion brands, as several others have also expanded into the market [18] - The brand's unique selling proposition lies in its ability to attract younger consumers seeking a distinct "Korean vibe" and shopping experience, contrasting with the standardized offerings of competitors like Uniqlo [30] - Challenges remain for Musinsa, particularly in competing with established brands and adapting its supply chain to meet local demands [27][30] Future Outlook - Musinsa's IPO is anticipated to occur in 2026, with potential listings in Seoul or New York, which would further solidify its market presence [3][30] - The partnership with Anta is seen as a critical step in building a comprehensive fashion portfolio, enhancing both companies' market positions [4][23] - The success of Musinsa in China will depend on its ability to effectively replicate its business model and adapt to the complexities of the local market [30]

Core Insights - K-pop is expected to have significant growth potential in the global music market, projected to reach nearly $200 billion in the next decade, indicating that it does not need to worry about losing its essence while expanding globally [1][2] - The collaboration between Warner Bros. Discovery and CJ ENM for a long-term K-drama project exemplifies the sustained international interest in Korean entertainment content [1] - The Korean Wave, or "Hallyu," has evolved from a local phenomenon in the 1990s to a global cultural force, with significant contributions from K-dramas and K-pop artists [1][2] Industry Trends - The Korean entertainment industry has shifted towards a global audience, with many companies targeting the potential 8 billion viewers worldwide rather than just the domestic market of 50 million [2] - K-pop has become a leader in globalization, with the largest fan bases outside of Korea located in Indonesia, the United States, and the Philippines, highlighting the international appeal of the genre [2] - Korea has become the fourth country to achieve a music export surplus, joining the ranks of the US, UK, and Sweden, indicating a strong global presence in the music industry [2] Content Creation - Recent analyses show that nearly half of K-pop songs now feature English lyrics, reflecting a trend towards inclusivity and broader appeal in the genre [3] - The concept of "going K-less" proposed by HYBE's founder emphasizes the need for K-pop to adapt to international markets while maintaining its unique style and rigorous training systems for artists [3] - Future content creation in film and music is expected to involve diverse backgrounds, as seen in projects like "K-POP: The Witch Girl Group," which blends Korean elements with Western storytelling [3]

Core Insights - The rapid rise of Korean fashion brands in China is attributed to the ongoing popularity of K-POP and the effective marketing strategies that leverage celebrity endorsements [11][25][28] - Brands like Mardi Mercredi have achieved significant sales, with approximately 600 million RMB in revenue since entering the Chinese market in May 2022, and their products have sold nearly 200,000 units on Tmall [3][13] - The expansion of Korean brands is not limited to online platforms; they are also aggressively opening physical stores in major cities, with 16 new brands entering first-tier markets as of August this year [6][8] Group 1: Brand Performance - Mardi Mercredi has become a standout brand, achieving around 600 million RMB in revenue and selling nearly 200,000 items on Tmall since its launch in China [3][13] - Other brands like emis and Matin Kim are also gaining traction, with high engagement on social media platforms like Xiaohongshu, where emis has opened a flagship store on Tmall [5][8] - The popularity of these brands is driven by their unique designs and celebrity endorsements, with Matin Kim's products frequently worn by popular stars [5][19] Group 2: Market Strategy - Korean brands are utilizing localized strategies, partnering with local agents for market entry and expansion, as seen with Mardi Mercredi and Rest & Recreation [8][28] - The collaboration between MUSINSA and Anta aims to establish a significant presence in the Chinese market, with a goal of opening 100 stores by 2030 [8][28] - The brands are focusing on affordability and practicality, with products priced around 300 RMB for sweatshirts and 160 RMB for T-shirts, appealing to a broad consumer base [17][19] Group 3: Cultural Influence - The resurgence of Korean fashion is closely linked to the K-POP phenomenon, with many brands leveraging the popularity of idols to drive sales [11][25] - The association with celebrities has proven effective, as seen with Rest & Recreation's products being linked to stars like Jennie from BLACKPINK, resulting in high sales volumes [11][25] - The cultural impact of Korean trends is significant, influencing not only fashion but also the marketing strategies of international sports brands like Adidas and Puma [25][28]

Core Viewpoint - The article discusses the resurgence of the Korean Wave (Hallyu) in China, highlighting recent strategic moves by companies in the entertainment sector, including acquisitions and partnerships, suggesting a potential easing of restrictions on Korean content in the Chinese market [1] Group 1: Industry Trends - The Korean Wave is quietly accelerating its return to China, indicating a shift in market dynamics [1] - There is a notable increase in collaboration between Chinese companies and Korean entertainment firms, suggesting a strategic alignment to capitalize on emerging opportunities [1] Group 2: Company Actions - Companies have recently acquired rights to operate in key entertainment venues, such as the Hengdian Film City, indicating a proactive approach to re-establishing a presence in the Chinese market [1] - The article mentions a significant transaction involving a distressed film city being sold at a bargain price, which reflects the current investment climate and potential for profit in the sector [1]

Group 1 - The article discusses the impact of South Korea's visa-free policy for Chinese tourists, highlighting the initial excitement and subsequent disillusionment experienced by travelers [2][6][60] - It emphasizes the high costs associated with traveling in South Korea, including transportation and dining expenses, which are significantly higher than in China [6][16][90] - The article contrasts the romanticized image of South Korea portrayed in media with the reality faced by tourists, leading to a sense of disappointment [5][43][51] Group 2 - The concept of "travel shrinkage" is introduced, referring to the gap between expectations and reality for tourists in South Korea, which is often filled with high costs and less-than-ideal experiences [60][61][90] - Despite the challenges, there is a strong allure for many tourists, particularly those interested in K-pop and Korean culture, which creates a unique "dream tension" that draws them back [62][90][100] - The article notes that the majority of foreign tourists prioritize cultural experiences, such as concerts and K-drama filming locations, over traditional sightseeing [90][93] Group 3 - The article highlights the increasing diversity in outbound travel preferences among Chinese tourists, with more options available due to new visa policies and changing travel trends [100][103][111] - It mentions the preparations made by South Korea to accommodate the influx of Chinese tourists, including language support and tailored marketing strategies [104][108] - The overall sentiment reflects a shift in travel expectations, where experiences are valued over mere entertainment, leading to a more nuanced understanding of international travel [111][113]

Core Insights - The animated film "K-POP: Demon Hunters" has achieved unprecedented success on Netflix, breaking multiple viewing records and evolving into a global cultural symbol, influencing various sectors including sports and politics [1][10][12]. Financial Outcomes - Netflix emerged as the biggest winner by acquiring the IP for a fixed cost, estimated to be worth billions, while Sony Pictures, the film's producer, missed out on long-term profits due to a pandemic-era sale [1][20]. - Sony Pictures invested over $100 million in the project but only received approximately $20 million in return due to a fixed-price agreement made during the pandemic [20][21]. - The Black Label, the music production company, significantly enhanced its global brand value through the film's success [1][20]. Viewing Records - "K-POP: Demon Hunters" recorded 325.1 million views during its 91-day tracking period, making it the most-watched film in Netflix's history, surpassing the previous record held by "Squid Game" [2][10]. - The film maintained a steady viewership of over 20 million per week for several weeks post-release, showcasing its sustained popularity [4][10]. Innovative Marketing Strategies - Netflix hosted a special "Sing-Along" event in theaters across several countries, generating an estimated $18-20 million in box office revenue over a single weekend [6][10]. - The film's soundtrack achieved significant success, with multiple songs charting on the Billboard Hot 100, including "Golden," which became the first K-Pop song by a female artist to reach number one [7][8][10]. Cultural Impact - The film's influence extends beyond entertainment, impacting cultural, political, and public health discussions, with references made by figures such as South Korean President Lee Jae-myung [10][12]. - The film's narrative combines universal themes with authentic Korean cultural elements, contributing to its global appeal [13][17]. IP Expansion and Future Prospects - Netflix plans to maximize the IP value of "K-POP: Demon Hunters" by launching various merchandise and adaptations, including sequels and a Broadway-style musical [21][24]. - The film's success has prompted a surge in related tourism and cultural interest, particularly in South Korea, with significant increases in visitor numbers to related sites [31][32]. Market Dynamics - The film's commercial success highlights the contrasting financial outcomes for involved parties, with Netflix capitalizing on its strategic positioning while Sony Pictures faced significant losses due to its earlier decisions [20][21]. - The film's performance in North America has been particularly strong, with all recorded box office revenue coming from the U.S. and Canada, while its connection to the Chinese market remains limited [30][31].

Core Insights - Netflix has launched its Ads Suite in South Korea, marking its first introduction of this advertising system in the region after operating it in the US and Europe for over a year [1][3] - The Ads Suite is a comprehensive advertising solution that includes audience targeting, creative management, content insertion, external platform integration, data feedback, and performance monitoring [2] - The introduction of Ads Suite is seen as a significant threat to traditional television networks in South Korea, as it begins to penetrate the advertising budget pool that these networks rely on [6][14] Advertising Market Impact - The overall broadcast television advertising revenue in South Korea is projected to decline by 8.1% in 2024, reaching approximately 2.01 trillion KRW, with terrestrial broadcast advertising revenue falling below 1 trillion KRW for the first time [8] - Despite the growth of South Korea's GDP and advertising budgets not shrinking overall, television advertising continues to decline, indicating a shift in where advertising dollars are being spent [9][10] - Netflix commands 40% of the OTT market in South Korea, with a user base of 13.93 million, achieving a penetration rate of 27% in the population [11] Financial Performance - In April, Netflix reported a revenue of 899.6 billion KRW (approximately 629 million USD) for 2024 in South Korea, reflecting a 9% year-on-year growth, with operating profit increasing by 44% to 17.4 billion KRW (approximately 12.2 million USD) [13] Cultural and Content Shift - Netflix's entry into the South Korean market in 2016 marked a turning point, as it transitioned from merely acquiring content to producing original Korean dramas, with a focus on "local originals for global distribution" [31] - The platform has altered the content logic and production processes of Korean dramas, shifting the audience from local viewers to a global subscriber base [34] - Traditional themes in Korean dramas are being replaced by genre templates that appeal to international audiences, such as the combination of historical and zombie themes in "Kingdom" and social issues in "The Glory" [41][45] Conclusion on Cultural Influence - While Korean dramas maintain their cultural identity, the narratives are increasingly shaped by Hollywood's industrial standards, leading to a blend of Korean aesthetics with global storytelling techniques [52] - The center of the Korean Wave has shifted from local television institutions to global platforms like Netflix, indicating a transformation in how Korean content is produced and consumed [55][56]