Tuesday, January 08, 2008

[The Chosun Ilbo, January 2 2007] Cultural Contents Emerge as Big Money Makers

In 2008 several businesses plan to continue exploring the value of cultunomics, a term that refers to the use of cultural contents as a tool for generating profits.

Hana Financial Group will expand its efforts to use art for marketing strategies. It not only has an advertisement inspired by American pop artist Andy Warhol but it has also named one of its products Bigpot, after an art work by a French plastics artist.

KT&G carries out cultural projects as part of its marketing efforts, including an advertising contest, concerts and inline skating festivals.

Cultunomics started gaining popularity last year. Some cultural contents made it onto the top 10 list of hit products of 2007 compiled by the Samsung Economic Research Institute.

They included user created content (UCC), the TV show "Extreme Challenge," five-girl pop group the Wonder Girls and historical TV dramas.

The institute said that cultural contents have emerged as core products of the economy, while IT products, which had led the list since 2000, began to dwindle in popularity.

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