Contributing to society is not simply a charitable gesture but can be a value creating activity when utilized with an appropriate strategy. Companies should attempt to move from “good corporation” to “smart corporation.” Society should also recognize that corporations are the organizations that create values in collaboration rather than just offering away some of their profits to society. When both corporations and society realize this mutually beneficial role, we can develop a virtuous cycle of increasing the benefits for both corporations and society.

The Korean wave, which is the popularity of Korean entertainment outside Korea, is a fairly new phenomenon. Encompassing Korean dramas, films, and songs, it has been highlighted by international media outlets and scholars. Several prestigious newspapers and scholars attempted to explain the competitiveness of the Korean wave, but they have remained biased by missing, overemphasizing, or overlapping important success factors. To provide a more comprehensive and accurate analysis, this paper conducts a rigorous study on the competitiveness of Korean entertainment industry focused on Korean dramas and films with a comprehensive analytical tool, the generalized double diamond model. The results of this study provide evidences that the Korean wave is not a temporary phenomenon but a sustainable industry segment. For further enhancement of this important industry, this paper suggests useful implications, including international cooperation with other countries.

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