South Korean Museums' Merchandise Sales Surpass $13 Million in H1 2024
Quick Look
- South Korea's national museums saw merchandise sales exceed 20 billion won ($13 million) in the first half of 2024, a 90% increase from the previous year.
- Driven by K-culture popularity and increased visitor numbers, the brand Mu:ds is expanding its product line and overseas market entry.
AI-generated summary
Why It Matters
Sales of cultural merchandise from South Korea's national museums have reached record highs, driven by the global popularity of Korean culture and increased museum attendance.
SEOUL, July 6 (Yonhap) -- Sales of cultural merchandise from South Korea's national museums topped 20 billion won (US$13 million) for the first time in the first half of this year, driven by the global popularity of Korean culture, sources in the cultural sector said Monday.
The National Museum Foundation of Korea's official merchandise brand Mu:ds recorded about 21.8 billion won in sales from January to June, up roughly 90 percent from 11.48 billion won a year earlier, according to the sources.
Mu:ds -- a portmanteau of "museum" and "goods" -- produces items inspired by key artifacts housed at the National Museum of Korea and its regional affiliates. Since the foundation's launch in 2004, the brand has grown steadily, surpassing 10 billion won in annual sales for the first time in 2022 and reaching a record 41.3 billion won last year.
This year's first-half sales have already exceeded Mu:ds' total revenue for 2024, which stood at about 21.28 billion won.
Foreign customers accounted for around 1 billion won in sales during the period, nearly doubling from a year earlier, a foundation official said.
Among the bestselling items were miniature replicas of the gilt-bronze Pensive Bodhisattva, one of the National Museum's best-known national treasures. About 12,000 units sold this year alone, bringing total sales to over 60,000. The miniature drew widespread attention after it was revealed that RM of K-pop supergroup BTS owns two of them.
Other popular items included wine stoppers linked to a special exhibition on Admiral Yi Sun-sin and keyboards featuring the patterns of "dancheong," traditional Korean multicolored paintwork on wooden buildings.
A collaboration product released in March to coincide with the long-awaited comeback of K-pop supergroup BTS generated 43 million won in sales over two days through preorders, according to the sources.
Rising visitor numbers have also boosted demand for the Mu:ds merchandise. The museum recorded 3.26 million visitors between January and May, compared with 2.24 million during the same period last year. Officials expect annual attendance to reach or exceed 6 million for the second consecutive year.
The foundation said it plans to expand its product lineup and accelerate efforts to enter overseas markets.
"We will strengthen our brand's competitiveness so that people around the world can experience the value of Korea's cultural heritage in their daily lives," foundation president Choung Yong-suk said.
What to Watch
AI outlook — possibilities, not facts
Mu:ds to expand product lineup and accelerate overseas market entry.
Very likely · Medium term
Open Questions
- What specific overseas markets will be targeted for expansion?
- What new product lines are being considered?
