Driving force to South Korea’s economic growth and global success: Google’s contribution to digital innovation and role as K-content export partner
Google has contributed significantly to Korea’s economic growth by serving as a digital platform for Korean companies. In 2022, Korea achieved economic recovery and growth despite the global economic slowdown, supported by the export of digital Korean content (K-content), encompassing mobile apps, games, and webtoons. Google’s ecosystem, products, and services serve as channels for the export of digital content, acting as platforms for Korean companies to expand their presence in the global market.
Alongside its role as a digital platform, Google has developed various other products and initiatives to support the broader Korean economy in a myriad of ways. This includes supporting economic activity across Korean companies and their exports through its products, its commitment to advance digital skilling (including in Artificial Intelligence) through its programs, and connecting Korean apps and talents to the global market through its Google Play platform.
This report “Driving force to South Korea’s economic growth and global success: Google’s contribution to digital innovation and role as K-content export partner”, prepared by Access Partnership for Google and edited by Deloitte Korea, aims to examine the impact of Google products and services, as well as programs and initiatives that contribute to the growth of the Korean economy. Key takeaways include:
- The economic activity generated by Google products for Korean businesses in 2022 amounted to USD 24 billion (KRW 31 trillion), including revenue generated by Korean companies utilising Google’s products and services such as Google Search, Google Ads, and Google AdSense.
- Google is estimated to contribute around USD 9.9 billion (KRW 12.8 trillion) worth of Korean companies’ exports by supporting companies to promote products and widen their audiences. In 2022, Google products and services supported the global market entry of 1 million Korean companies, enabling them to capture approximately 2.26 billion potential customers through Google’s ecosystem.
- The use of Google’s advertising tools by businesses also indirectly supported the creation of 148,200 jobs in the Korean economy in 2022. In light of the increased demand for software and digital professionals, Google also introduced robust digital skilling programs to Korea, including those that cover Artificial Intelligence, with these initiatives garnering around 19,000 participants annually.
- Google Play also serves as an effective platform for Korean app developers to expand their reach and revenue, with 6 million overseas users (daily active users) reached in 2022. The company also runs startup growth support programs, including its Google Play ChangGoo program. Launched in 2019, the program has supported an average of 90 companies annually in app development and market expansion.
Visit the following links to view the report (available in English and Korean):