K-Drama then Nollywood: The roadmap for cultural export success
Assessing South Korea's model for Nollywood. Source: Stears Business

Both South Korea and Nigeria’s film industries have achieved reputable success globally in recent decades.

While Nollywood is ranked as the second-largest film industry in the world in terms of the number of movies produced, South Korea leads Nigeria in quality and financial success.  

The best evidence of this is through its awards. The Korean film, Parasite was the first non-English language film to win an Oscar award for Best Picture in February. The director, Bong Joon-ho, also won Best Director

Financially, South Korea's cultural industry is also thriving. In 2017, the country’s extensive cultural exports—K-Pop, K-dramas, and gaming—netted nearly $9 billion in foreign revenues. In 2018, South Korea’s Ministry of Trade, Industry and Energy noted that the country exported more cultural products (like music, television dramas and films) than home appliances like TVs.

All in all, the industry is a vital pillar of its economy and is as engaged

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Fisayo Okare

Fisayo Okare

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