This study aims to establish a systematic theoretical foundation that provides practical and policy implications for sustaining the overseas expansion performance of cultural content that has grown based on domestic industrial competitiveness and the Korean Wave (Hallyu). To this end, this study segments the cultural market into three different market niches that provide possibilities for overseas expansion based on the cultural preferences inherent in the special commodity of cultural content, and discusses the characteristics that cultural content targeting each market niche should possess and the successful market strategies based on those characteristics. The segmented cultural market distinctions proposed by this study are: first, the national market, which reflects unique cultural preferences within the home country; second, the global market, which reflects universalized tastes worldwide; and third, the transnational market, which reflects the tastes of distinctive foreign cultural spheres or consumer groups. Based on this distinction, the study proposes two source strategies that can enhance the export performance of Korean films, and verifies the study's arguments through an empirical model using data from Korean films released domestically from 1997 to 2005. The two source strategies proposed in this paper are: a "publicity strategy" to address the distribution difficulties encountered in entering transnational markets, and a "content composition strategy" to address the difficulty of content selection encountered in entering global markets. Furthermore, by discussing the potential performance disadvantages that may arise when these source strategies are mixed or used indiscriminately, the study emphasizes the necessity of producing diverse cultural content targeting differentiated cultural markets and the importance of government policies for maintaining such diversity. The empirical results supported all four hypotheses proposed in this paper as having statistically significant effects. Specifically, the publicity strategy utilizing international film festivals and the content composition strategy using foreign films as reference groups showed significant positive (+) relationships with cultural content export performance, while the simultaneous use of publicity and composition strategies, as well as attempts to promote domestically successful films or films from the Korean Wave period through international film festivals, were all found to have negative (-) relationships with export performance.