The Korean wave, which is the popularity of Korean entertainment outside Korea, is a fairly new phenomenon. Encompassing Korean dramas, films, and songs, it has been highlighted by inter- national media outlets and scholars. Several prestigious newspapers and scholars attempted to explain the competitiveness of the Korean wave, but they have remained biased by missing, over- emphasizing, or overlapping important success factors. To provide a more comprehensive and accurate analysis, this paper conducts a rigorous study on the competitiveness of Korean enter- tainment industry focused on Korean dramas and films with a comprehensive analytical tool, the generalized double diamond model. The results of this study provide evidences that the Korean wave is not a temporary phenomenon but a sustainable industry segment. For further enhance- ment of this important industry, this paper suggests useful implications, including international cooperation with other countries.