I don't think it is necessarily true that the world recognizes KPop and not Bollywood. I think it is very contextual.
One of the reasons Korean content like Parasite and Squid Game gets worldwide following is because it speaks to some very real class divides most of us experience. K-pop appeals to young millennials and zoomers because it harkens to the era of bubblegum pop. Gender fluidity and self-expression as presented by the K-pop stars also appeal to people.
A long time ago, Bollywood was exceptionally popular in the Soviet Union. Many Eastern Europeans, Central Asians, and Russians love Bollywood movies. Raj Kapoor was immensely popular and strangely Mithun too. There are covers and remakes of Jimmy Jimmy Aaja in Ukraine, Russia, etc. its nuts.
There is also a significant portion of the world that does not enjoy the bleakness of Korean media. Bollywood is huge in many parts of Africa, South East Asia, the Middle East, and Latin America. In some ways, Bollywood doesn't appear to have global recognition because a majority of those fans are non-white and economically disenfranchised.
One reason why Bollywood has faded a bit in recent times is that the end of the blockbuster is dead. We haven't been making films like DDLJ or HAHK for a while. Since the mid-2000s the escapist tones of Bollywood has changed. The content is either too real or down to earth to fulfill an escapist fantasy or just too dumb to get widescale appreciation.
As for Hindi TV serials, our best shows were in the eighties and nineties well before international cable and streaming. I bet if they were made today they would have their own fan following. Post Ekta Kapoor shows the majority of Indian shows have been trash
Also, just because everyone recognizes something doesn't mean that it's good or worth being appreciated. Remember - Tiger King was a global sensation - proving that humanity, in general, cannot look away from a trainwreck.
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