As Korean pop culture is becoming a increasingly globalized phenomenon and globally popular in many parts of the world allows South Korea to utilize its pop cultural sector to access, tap and break into foreign entertainment markets. By tapping into social networking services and the video sharing platform YouTube, the K-pop industry's ability to secure a sizable overseas audience has facilitated a noticeable rise in the global proliferation of the genre. Since the mid-2000s, the K-pop music market has experienced double digit growth rates. In the first half of 2012, it grossed nearly US$3.4 billion and was recognized by Time magazine as "South Korea's Greatest Export".