K-POP has become a part of killer contents attracting worldwide attention beyond Asia. The purpose of this study aims to identify some critical factors for recent success of K-POP. In order to do that, the influence of the change in media on the globalization of popular culture was explored and its required conditions were analyzed. And the international and domestic contents production cases were investigated and the possibility of expansion of Korean Wave through reproduction of diverse contents was discussed. The potential markets for further development of Korean Wave were also analyzed and gave some suggestions for building new businesses model and effective infrastructure of among producer of contents, platform subscriber, network provider, terminal enterprise and retailers.