Do you know Frodo? He is a character from the movie The Lord of the Rings. After the movie was released, a great number of people visited New Zealand, where the movie was filmed, reviving the nation's economy. It was so successful that this phenomenon got its own name―the "Frodo economy." The industries that involve this kind of cultural content are called "creative industries." Creative industries are economic activities that are related to using human knowledge and imagination.

The U.K.'s creative industries are largely based on its imaginative literature. The very writer who gave life to Frodo was British, along with the icon of classic literature—Shakespeare. One of the most successful writers of all time is British as well. J.K. Rowling's work has attracted millions of people to visit London to see the Harry Potter Studios, Platform at King's Cross Station, and the cafe where the series was written. The Harry Potter series is known to have earned the U.K. a large amount of money so far. One unique aspect of the U.K.'s culture is its storytelling clubs. In storytelling clubs, people gather to share interesting stories, feeding children's imagination. Combined with such creativity, some of these stories are beautifully translated into books, films, and the performing arts.

The United States of America is another country whose cultural attractions have earned major tourism dollars. Its greatest strength lies in its glamor. Hollywood studios create some of the most fantastic and dynamic movies in the world, making use of their fine computer graphics. Not only that, people can enjoy Universal Studios, a theme park based on the famous movie industry. Here, visitors can enjoy fun rides as well as fantastic shows based on real Hollywood movies such as Shrek. Culturally, the U.S.A. also features Broadway in New York. If you had the chance to visit Broadway, you would be amazed by the glamor of the musicals. You could enjoy the realistic make-up and costumes in The Lion King, the fun dance and music of Mamma Mia!, and the terrific songs and plot of The Phantom of the Opera. Broadway shows are estimated to have gained more than 1.3 billion dollars in 2015-2016.

If you were asked to name one successful creative industry in Korea, what would you choose? It would be a hard question because there are so many. In fact, Korea's creative industries are reported to have been internationally successful for more than a decade. Nowadays, the economic impact of the "Korean Wave" is increasing by using new technology and good strategies. In particular, K-pop is gaining large profits using advanced technologies. A new type of concert, a combination of K-pop and hologram technology, is quite profitable. In this concert the audience feels as if the singer were actually on stage. Attracted to its uniqueness, more and more K-pop fans flock to hologram concert halls.

Marketing strategies are another key to the success of the Korean Wave. In the character industry, some characters are first introduced in an animated series before they are made into toys, theme parks, and other products. This way, the characters can expand into other fields once they prove to be popular. Many companies also use a marketing strategy called product placement for indirect advertising on TV shows. These companies take advantage of the fact that Korean Wave fans abroad pay close attention to what products Korean celebrities use on TV shows and try to purchase the same items as they do.