Booming Turkish TV drama industry captures hearts and minds worldwide and boosts tourism

ISTANBUL (AP) — Under the sweltering Turkish sun, tourists wander through sets that recreate Ottoman and Byzantine-era castles, take selfies with actors in traditional Ottoman costumes and watch horseback stunt performances. Among them is Riia Toivanen, 22, a devoted fan of Turkish television drama who traveled to Istanbul from Finland with her mother to delve into the realm of her beloved shows.

Some 8,000 miles (12,800 kilometers) across the globe in Villa Carlos Paz in Argentina, 66-year-old retired teacher Raquel Greco watches an episode of a Turkish romantic comedy, surrounded by memorabilia from her once-in-a-lifetime trip to Istanbul where she visited landmarks she knew from years of watching Turkish shows.

“It seemed to me that I was dreaming, I couldn't believe I was living what I saw every day in the series,” she said of her visit in April this year.

The global popularity of Turkish TV dramas -- or dizi in Turkish -- has thrust Turkey into the position of a leading exporter of television, greatly bolstering the nation’s international image and drawing millions of viewers and tourists worldwide to its historical and cultural sites which are backdrops to many of the shows.

The success of television shows has fueled a burgeoning billion-dollar industry that continues to expand into new markets, experts say. The popularity of these shows is also greatly enhancing Turkey’s soft power on a global scale.

Between 2020 and 2023, the global demand for Turkish series increased by 184%, positioning Turkey as one of the biggest exporters of TV shows around the world, according to Parrot Analytics, a research company.

“We reach over 400 million viewers every night around the world,” said Izzet Pinto, CEO of Global Agency, which exports Turkish dramas to world markets. “The soft power we create with Turkish dramas cannot be even compared to what could be done in politics."

Although “Deli Yurek” was the first Turkish series to be exported — to Kazakhstan in 2001 — it was the 2005 romantic series “Gumus” that catapulted Turkish dizis to global fame. The series, which revolves around a woman from a traditional background adapting to urban life, became immensely popular in the Middle East.

“A Thousand and One Nights,” a 2006 romantic drama loosely based on the collection of Middle Eastern folktales and set in modern-day Istanbul, captivated audiences in the Balkans. "Magnificent Century," based on the 16th-century Ottoman Sultan Suleyman the Magnificent, led the way for historical fiction.

Once an importer of Latin American telenovelas, Turkey is now exporting its dramas to the region. Venezuelan President Nicolás Maduro visited the set of the historical drama series “Resurrection: Ertugrul” in 2018, highlighting the appeal of the dizi in his nation.

Haley Uganadi, the founder of the Turkish TV series fan platform “Dizilah,” says the popularity of the dramas comes from themes that focus on family, friendship, and love, usually set against the backdrop of luxurious lifestyles in Istanbul or Turkey's rich history.

“They offer something for everyone, regardless of where you are from. Watching Turkish dramas, I see reflections of my mom, myself, and my siblings,” Uganadi said.

Her platform receives about 1.5 million viewers monthly, with fans from the United States, Canada, Greece, India, and Pakistan.

Pinto points to the family-oriented nature of Turkish dramas. “There’s no nudity, no cursing or bad words, not much hate. So, this becomes watchable by the family,” he explains.

As the industry grows, it is expanding the themes of its series, such as “Red Roses,” which explores the dynamics between a staunchly secular Western-oriented family and a fictional Islamic brotherhood.

During a lull in filming, actor Ozcan Deniz, who previously starred in series such as “The Mansion with Vines” and “Bride of Istanbul,” said this diversification was essential if the industry is to flourish.

“Countries that were not able to transform (into) a different genre are now lagging behind in the export of series,” Deniz said. “Turkey has now caught this momentum, but if it cannot diversify, if it cannot also tell different things, it will end somewhere.”

Toivanen and her mother were touring Bozdag Film Studios, a vast complex in northern Istanbul, where historical Ottoman-era blockbusters like “Resurrection: Ertugrul” and “Foundation: Osman” were shot.

Toivanen says her love of the romantic dramas “Black Money Love” and “Endless Love” brought her to Istanbul. “I like Turkish culture very much,” she said. ”(The series are) very friendly and warm, and there is a lot of drama going on.”

The first episode of “Resurrection: Ertugrul” had over 157 million views on the Urdu-language YouTube channel of Turkish state broadcaster TRT, said producer and screenwriter Mehmet Bozdag, who created the popular historical dramas that fictionalize the lives of Ottoman leaders and heroes. “Foundation: Osman” was broadcast in over 110 countries, he said.

During its run, “Resurrection: Ertugrul” peaked as the fourth most in-demand show worldwide in May 2020, with demand more than 68 times that of the average show worldwide, according to Parrot Analytics.

Dr. Deniz Gurgen Atalay, assistant professor of film and TV at Bahcesehir University in Istanbul, cited Turkish media as saying the industry generated $1 billion in 2023 from overseas exports and has an important impact on tourism, especially in Istanbul.

“The TV series sector has a huge share in this. The image of Istanbul presented by the series, the food eaten here, the drinks drunk, the music listened to, the living standards, and the culture here offer a very pleasant place of appreciation within the framework of the series,.” Atalay said.

Mert Yazicioglu, another star of “Red Roses,” whose eagerly anticipated second season is set to premiere in late September, was clad in the attire of his character, a member of an Islamic sect, when he took a break from filming to chat.

The series has propelled the soft-spoken 31-year-old to stardom, with Turkey’s media tracking his every footstep.

“We have introduced Turkish culture abroad. That makes us very happy,” he said, wearing his character's baggy beige trousers and matching waistcoat.

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Associated Press journalists Hernan Munoz in Barcelona, Spain, Mario Tizon in Los Cocos, Argentina, Suzan Fraser in Ankara, Turkey, and Khalil Hamra and Mehmet Guzel in Istanbul, Turkey, contributed to this report.

An airel view shows part of Bozdag's outdoor film studio, which features replicas of historic Ottoman and Byzantine castles and old Turkic tents in Istanbul, Turkey, Wednesday, June 12, 2024. (AP Photo/Khalil Hamra)

A tourist wears an ottoman custom for a photograph, during his visit to Bozdag's outdoor film studio in Istanbul, Turkey, Wednesday, June 12, 2024. (AP Photo/Khalil Hamra)

People present a horse riding performance for tourists during their visit in Bozdag's outdoor film studio in Istanbul, Turkey, Wednesday, June 12, 2024. (AP Photo/Khalil Hamra)

Producer and screenwriter Mehmet Bozdag, speaks to the Associated Press during an interview in Bozdag's outdoor film studio in Istanbul, Turkey, Wednesday, June 12, 2024. (AP Photo/Khalil Hamra)

A production team is filming scenes of a Turkish drama with famous Turkish actor Ozcan Deniz, center, in Istanbul Turkey, Tuesday, April 30, 2024. (AP Photo/Khalil Hamra)

Tourists make a tour in Bozdag's outdoor film studio in Istanbul, Turkey, Wednesday, June 12, 2024. (AP Photo/Khalil Hamra)

A production team is filming scenes of a Turkish drama in Istanbul Turkey, Tuesday, April 30, 2024. (AP Photo/Khalil Hamra)

A production team is filming scenes of a Turkish drama with actor Paris Baktas and actress Yagmur Yuksel, Turkey, Tuesday, April 30, 2024. (AP Photo/Khalil Hamra)

A production team is filming scenes of a Turkish drama in Istanbul Turkey, Tuesday, April 30, 2024. (AP Photo/Khalil Hamra)

A production team is filming scenes of a Turkish drama in Istanbul Turkey, Tuesday, April 30, 2024. (AP Photo/Khalil Hamra)

Tourists make a tour in Bozdag's outdoor film studio in Istanbul, Turkey, Wednesday, June 12, 2024. (AP Photo/Khalil Hamra)

A production team is filming scenes of a Turkish drama with actor Paris Baktas and actress Yagmur Yuksel, Turkey, Tuesday, April 30, 2024. Turkey has emerged as a leading exporter of television drama, bolstering the nation’s international image and drawing millions of viewers and tourists worldwide to its historical and cultural sites which are backdrops to many of the shows. (AP Photo/Khalil Hamra)

NEW YORK (AP) — After a manic week where Japanese stocks fell to their worst loss since the Black Monday crash of 1987, only for U.S. stocks to soar later to their best day since 2022, slight gains on Friday are carrying Wall Street almost exactly back to where it started the week.

The S&P 500 was up 0.3% in late trading, enough to shave what had been a brutal loss for the week down to 0.2%. The Dow Jones Industrial Average was up 2 points, or less than 0.1%, with less than an hour remaining in trading, and the Nasdaq composite was 0.3% higher.

The gains pulled the S&P 500 back within 6% of its all-time high set last month after it briefly sank nearly 10% below it during the week. But the vicious return of volatility, which shattered what had been a placid run for stocks and saw a measure of fear on Wall Street surge toward its highest level since the 2020 COVID crash, may not be over. Worries are still high about the strength of the U.S. economy, and reports are due next week on inflation, sales at retailers and other measures of economic strength.

For Friday, the mood was still one of calm after more big U.S. companies joined the pile that’s reported better profit for the spring than analysts expected.

Expedia Group jumped 10% after delivering stronger results than forecast, though it said it saw a softening of demand in July like some other companies. Take-Two Interactive rose 3.5% after the company behind the Grand Theft Auto and NBA 2K video games likewise reported a better profit than expected.

The gains followed a mixed performance for stocks worldwide, which have also been frenetic since last week because of a number of factors slamming into markets all at once. At the forefront is the value of the Japanese yen, whose sudden and sharp strengthening recently has forced hedge funds and other traders to scramble out of a popular trade en masse.

They had been borrowing Japanese yen at very low cost and then investing it elsewhere around the world, but a hike to interest rates by the Bank of Japan forced many to abandon the trade at the same time and sent global markets reeling. A promise by a top Bank of Japan official in the middle of the week not to raise rates further as long as markets are “unstable” helped stabilize the yen.

Also weighing on the market have been worries about a slowing U.S. economy. A raft of weaker-than-expected reports has forced questions about whether the Federal Reserve has kept interest rates at too high of an economy-crunching level for too long in order to beat inflation. Last Friday's report showing much weaker hiring by U.S. employers than expected was the lowlight.

Such worries dragged Treasury yields lower in the bond market this week, and they fell again Friday. Yields have dropped as investors look for safer places for their money and as expectations have also for deeper cuts to rates coming from the Fed. The yield on the 10-year Treasury fell to 3.94% from 3.99% late Thursday.

After seemingly getting the Bank of Japan to stop hiking rates for now, Wall Street’s goal “now appears to be bossing the Fed into big rate cuts,” Bank of America strategist Michael Hartnett said in a BofA Global Research report.

Reports next week could drive more swings for the market. On Thursday will come an update on how much shoppers are spending at U.S. retailers. Households at the lower end of the income spectrum have been struggling for a while to keep up with still-rising prices, but economists expect the report to show a return to growth after a stall in retail spending during June.

Another report on Thursday will show how many U.S. workers are applying for unemployment benefits. The most recent such report raised hopes for the economy after the prior week's frightened investors.

Looming over them all will be the latest updates on inflation. A worst-case scenario would be if Tuesday’s and Wednesday’s updates on inflation show higher-than-expected rises in prices at the wholesale and consumer levels, while the week's other reports show a sharp weakening of the economy.

That would be a toxic mix for the Federal Reserve, which doesn't have a good way to fix such a mess. The central bank could lower interest rates, which would give the U.S. economy an upward push but also threaten to worsen inflation. Or it could keep its main interest rate at a two-decade high, where it's been roughly a year. That would put downward pressure on inflation but also inflict more pain on the economy.

To be sure, even though the U.S. economy is slowing, it is not in a recession. And many economists still see one as unlikely.

A third factor that's sent markets spinning recently is increased skepticism about Wall Street's rush into artificial-intelligence technology, and how much in profit growth it will really produce.

The frenzy around AI allowed a handful of Big Tech stocks to drive the S&P 500 to dozens of all-time highs this year, even as high rates weighed on other areas of the market. But the group of stocks known as the “Magnificent Seven” lost momentum last month amid criticism investors got carried away and took their prices too high.

How this handful of stocks performs carries extra impact on the S&P 500 and other indexes because they’re by far the market’s most valuable companies. They were mostly higher Friday after Taiwan Semiconductor Manufacturing Co., a major chip producer, said its revenue in July soared nearly 45% from a year earlier. TSMC's stock that trades in the United States rose 1.8%.

Nvidia, which has become the poster child for the AI trade, slipped 0.3% after flipping between earlier losses and gains.

AP Business Writer Matt Ott contributed.

FILE - People walk past the New York Stock Exchange on Aug. 7, 2024 in New York. (AP Photo/Peter Morgan, File)

Specialist John O'Hara works at his post on the floor of the New York Stock Exchange, Wednesday, Aug. 7, 2024. (AP Photo/Richard Drew)

The monitor of specialist Anthony Matesic is seen through his glasses as he works on the floor of the New York Stock Exchange, Wednesday, Aug. 7, 2024. (AP Photo/Richard Drew)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 9, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 9, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), top center left, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 9, 2024. (AP Photo/Ahn Young-joon)