“The dynamism of Korea is now in travel”
When Bong Joon-Ho walked up the dais to pick up the Oscar for Best Film at the Oscars, you could almost hear the whole of South Korea cheering. The director of “Parasite” made history as the first Foreign Film to win Best Film as well, a move that will surely get the Hollywood bigwigs wondering if, in this day and age, a Foreign Film category is even necessary.
Be that as it may, his victory compounds the growing rise of South Korean pop and entertainment culture in the world, and puts the spotlight on South Korea as not only a centre of tech innovation and creativity in the arts but also as a desirable place to visit for its culture, lifestyle and heritage.
Clearly excited by the triumph, co-founder of WiT Seoul and CEO of Tidesquare, Min Yoon, said that South Korea had always been underestimated for its soft power. “We are either known for our tech giants such as Samsung or LG or that we are attached to North Korea. In fact, South Korea is the fifth biggest film market in the world by gross box office revenue and Korean-made films have almost half of the share.”
He said that since the 1990s, young film makers have shaken up a once-traditional industry. “Park Chan Wook, Bong Joon Ho and many women film-makers and investors including Kwak Sin Ae, the producer of “Parasite”, are those who made history in Hollywood.”
Similarly, he said, South Korea has also been under-estimated for its travel power. Despite it being the second largest market in APAC after China, it is still considered a bit behind and ruled by old tradition, but the improvement and speed of innovation during the last three to four years is catching attention.”
For example, he said, Yanolja, the accommodation booking startup, became the first travel unicorn last year after it received US$160m funding, including an investment from Booking Holdings.
“MyRealTrip and WAUG, two South Korean tours and activities startups, are growing strongly against global competitors. There are many more uncut jewels coming out every single day and this has stimulated travel agents such as Hana Tour, which recently received US$115m from IMM Private Equity, to innovate.
“The dynamism of Korea is in the travel industry now as well.”
Said Yeoh Siew Hoon, founder of WiT, “It was precisely this reason we came into Seoul four years ago – together with Min, we saw a change coming and the rising tide of tech innovation and creativity coming from a young generation wanting to disrupt the status quo.
“We’re so fortunate to have ridden this wave of change with our industry friends in South Korea. It feels like we’ve grown up together.”
For the first time, WiT Seoul 2020 will feature a half-day Innovation Stage on April 22, designed for startups. With the theme of “From startup to scale up”, the programme will feature lessons from seasoned entrepreneurs as well as coaching circles in which startups will have a chance to ask questions directly of coaches.
The Main Stage, on April 23, will showcase all that’s new and exciting happening in online travel in South Korea – from mobility to payments and all the changes happening in distribution and marketing in airlines, hotels, tours and activities.
“We will also address the gender disparity in South Korea – we have to make sure this narrows, not widens,” said Siew Hoon.
Naree Lee, CEO, HeyJoyce and Susan Lee, Vice President, Hotel Development, Akyn Hospitality Group, will share their story about breaking barriers and how the industry can foster greater diversity and representation in the workplace.
Tourism recovery will be another hot topic – with the Covid-19 crisis having impacted tourism across Asia, a destination marketing panel focused around recovery will be assembled – Andrew Hogg, Regional General Manager North Asia, and Mona Liu, Director of International Partnerships, Mafengwo, have confirmed to be at WiT Seoul 2020.
Said Siew Hoon, “We hope that the worst of the Black Swan we are currently experiencing in travel will be over by the time of WiT Seoul and we look forward to gathering in Seoul with our travel brethren to fight back and recover strongly. There’s no better time than now to think creatively and embrace innovation, and no better place to do it than in Seoul, the home of “Parasite”.”
Check out the programme.
Image: Parasite
