TikTok expected to contribute over 40 tln won to S. Korean economy by 2030

South Korea's economy could see an influx of up to 40.6 trillion won (US$29.3 billion) by 2030, thanks to TikTok's promotion of K-culture, the company has claimed in a recent report. Kearney, a global consulting firm, surveyed 3,300 individuals aged 16 to 49 across ten countries, offering a quantitative assessment of TikTok's impact on the Korean economy and its key industries.

Chung Tae-hwan, a partner at Kearney Korea LLC, stated that TikTok has not only bolstered global interest in K-culture but has also significantly contributed to the actual purchase of K-culture-related products.

According to the survey, 88.7% of users credited TikTok with helping them discover Korean culture, while 69.5% said their appreciation for it grew after using the platform. Over half, or 55.7%, reported buying Korean products after consuming content about Korean culture on the platform. The economic impact of TikTok in South Korea is projected to increase by 29%, from 31.3 trillion won this year to around 40.6 trillion in 2030, as per the report.

During a recent conference, an executive from TikTok's local office debunked rumors that the company plans to launch TikTok Shop, its in-app e-commerce feature, in South Korea this year. "We have received many questions about TikTok Shop, but we are not launching the feature this year," a communications executive from the company stated.

TikTok, a social media platform owned by China's ByteDance, also reaffirmed its commitment to youth safety, asserting that it does not consider the global push to ban minors from social media as an existential threat to its expansion. The firm's head of operations in Korea, Jung Jae-hoon, added that the local market has not encountered major issues regarding youth safety, and the Korean branch has no plans to address any gaps in this matter.