TikTok to contribute 25 billion euros to South Korean economy by 2030

A joint report by TikTok and the global consulting firm Kearney projects that TikTok will contribute 40 trillion won, approximately 25 billion euros, to the South Korean economy by 2030.

The economic growth is expected to be driven by the promotion of “K-culture.” According to the study, which surveyed 3,300 consumers aged 16 to 49 across ten countries, TikTok plays a significant role in driving consumer interest and purchasing behavior. The report notes that 88 percent of users stated the platform helped them discover Korean culture, and 55 percent reported purchasing Korean products after consuming related content on the app.

The economic impact on South Korea is projected to grow by 29 percent, rising from 31.3 trillion won this year to an estimated 40.6 trillion won by 2030.