In the mid-1980s, Lee Soo-man, a folk singer studying computer engineering in California, decided to return to his native South Korea. Inspired by what he had seen on MTV — the 24-hour-a-day television network playing music videos — he formed SM Entertainment and set about replicating the success of the highly-trained all-singing, all-dancing groups like The Jackson 5 and, later, New Kids on the Block.

Three decades later and the near-$4bn initial public offering of Seoul music agency Big Hit Entertainment expected in October marks a new high point in the history of Korea’s brand of popular music spearheaded by Mr Lee — K-pop.

BTS — a seven-member boy band formed 10 years ago by Big Hit founder Bang Si-hyuk — has propelled K-pop to the top of US music charts. The group’s global reach, coupled with the triumph of dark comedy Parasite at this year’s Oscars, has, in the eyes of many South Koreans, demonstrated the global appeal of the country’s cultural offerings.