That's Korean Wave, the Hallyu.
I can't believe I've become hooked on the K-Dramas. I love their romantic comedies. I marvel at the skill of their crews. Interesting cinematography, superb lighting, good dialog--on a shoestring budget. Plots are usually recycled from American films, though. VIKI has many; if you're curious try "Baby Faced Beauty" or "My Name is Kim Sam Soon."
I listen to KPop now too. It drives my kids nuts. I love Girl's Generation, miss A, and the Wonder Girls. Dance tunes with lots of hooks. I avoid the ballads and rap, however.
Unfortunately, I have never seen a good Korean movie. Or at least, one I liked.
All this stuff is for domestic Korean consumption, but it's wildly popular in Japan, China, and many parts of Asia. There is also considerable interest from Latin America and Europe. I saw a broadcast of a show Girl's Generation was performing in France--when the camera panned out over the audience you could see the French kids were singing along, in Korean. True fans.
This entertainment industry is becoming an important part of their economy. I think the Koreans themselves are surprised at the impact they have now.