Informal term to describe Asian films in, but not limited to, South Korea. Hallyuwood originally came from South Korea as it incorporated the words hallyu (which means Korean wave) and -wood which is inspired from Hollywood. Hallyuwood is now used to informally describe films from Asia.
Jeamin: Did you watch Bae Young-joon's latest hallyuwood flick?
Minsu: I sure did and it was such a tearjerker! Let's go see it together!