Bang Si Hyuk mentioned BTS and BLACKPINK, “We should have a sense of crisis rather than being satisfied”

HYBE’s chairman Bang Si Hyuk (hereinafter referred to as Bang Si Hyuk) attended the Kwanhun Forum held at the Press Center in Jung-gu, Seoul on the morning of March 15th.

Bang Si Hyuk said, “K-pop is creating a syndrome. Boy group BTS and girl group BLACKPINK are considered super IPs. The K-content business is a key national export business. It is used as a catalyst to revitalize other businesses such as fashion, consumer goods and education.“

He explained, “From the tourism industry’s standpoint, there is a reason that ‘I want to experience K-pop’. The Korean K-pop market has driven attention to race and has a cultural impact. We are looking forward to discovering talented creators and entering global culture. Everything we do has geographical repercussions. It has become a global industry that continues to operate only when it targets domestic and foreign markets together.“

However, he said, “We should have a sense of crisis rather than being satisfied with proud achievements. Although there are remarkable achievements, there are many mountains to overcome when looking at the world as a whole. Our global album sales share is less than 2%. Universal, Sony and Warner Music account for 67.4%. In a word, the current K-pop is like David.“

He confessed, “K-pop’s growth is decelerating in global markets such as the United States. Chart-in decreased by 53%, and exports to the music market also showed a downward trend from 2020. There is global K-pop, but there are no outstanding K-pop companies.“

Source: Nate