The growth of K-pop globally, with the success of BTS and BlackPink, rakes in billions of dollars every year.
BTS – A successful group of all time
At the end of 2020, BTS was voted as the entertaining character of 2020 by Time magazine last December. According to Time magazine, BTS has become the group that reached the pinnacle of pop music in the world. BTS has reached the expected heights of traditional K-pop: unique costumes, choreography, and signature videos.
Earlier, on the evening of August 31, 2020, the famous American music magazine Billboard announced the updated list of the Billboard Hot 100 chart, in which the English song “Dynamite” of BTS was ranked first. Released in August 2020, Dynamite has continuously set many records such as music video with the highest number of first-day views in history, the song with the highest first-day streaming in Spotify history, the fastest music video to receive from 10 to 200 million views in the world …
After releasing the album Be in November last year, the kings of K-pop achieved another record when the song Life Goes On won number one on the Billboard Hot 100. It is worth mentioning, Life Goes On is a Korean song and there is no remix version. Most recently, BTS entered the list of 10 best pop bands in history announced by Esquire magazine (USA) in late January, next to legendary pop icons The Beatles, Destiny’s Child, Fleetwood Mac, Queen, Beach Boys, ABBA …
Although BTS is not the first Korean artists to establish a strong foothold in the West, the above success is a sign of a big change in the performance of groups and artists in this country. BTS is an example of the K-pop music industry’s dominance through connecting people.
Although because of the Covid-19, BTS had to cancel their world tour, concerts, the group still found a way to connect with fans. Nearly 1 million music-loving audiences from 191 countries and regions around the world watched BTS’s online concert titled Map of the Soul ON: E, showing the group’s charm despite the difficulties this year.
Due to BTS’s contribution to the domestic and international music industry, Korea passed a special law on the postponement of enlistment in early December 2020. Korean and foreign media favorably call this the “BTS law”. This special law has a great influence on Kim Seok Jin, the oldest member of BTS, who turned 28 in December 2020.
BlackPink – Light up the sky
Not inferior to BTS, BlackPink – the queens of K-pop – also became more popular in 2020. In May, BlackPink collaborated with Lady Gaga to release the song Sour Candy in the album Chromatica. In this collaboration, BlackPink got along with Lady Gaga when performing a song with the melody of the 1980s and 1990s rap music. Many fans enjoyed BlackPink’s English voice and pronunciation.
By August 2020, MV Ice Cream of BlackPink and Selena Gomez reached 100 million views and 9.8 million likes on Youtube after 24 hours. BlackPink also released the song “Bet You Wanna” which collaborated with rapper Cardi B. The Bangkok Post mentioned that 4 YG girls were chosen as the stars of the first K-pop documentary, titled Blackpink: Light Up the Sky. The promotional film is about Blackpink girls, who have crossed the Korean border and become global idols after 5 years of operation (since 2016). With attractive music videos, BlackPink becomes the second most subscribed artist on YouTube with 53.4 million subscribers, just behind Justin Bieber.
The growth of K-pop globally, with the success of BTS and BlackPink, rakes in billions of dollars every year. The Korean economy has become richer in the past 20 years thanks to movies and K-pop. Economic Times cites a report of Korea Creative Content Agency (KOCCA) in 2017 indicating that K-pop exports have turned the country’s music into an industry worth about $ 5 billion.