In 1992, modern K-pop was ushered in with the formation of Seo Taiji, whose successful experimentation with different music styles had sparked a paradigm shift in the music industry of South Korea. As a result, the integration of foreign musical elements has now become a common practice in the K-pop industry.
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".