The Korea Music Copyright Association (KMCA) announced that the total amount of the copyright fee for KPOP’s new albums increased 45% compared to last year.
According to the data released by the KMCA on Oct. 15th, the amount of copyright money for the newly-released albums from January 1st to September 30th, 2018 is 15.5 billion won. This is a 45.2% increase from 10.6 billion won in the same period of last year, while the total amount of copyright fee collected over the past year is already close to the total amount collected in 2017.
The price of copyright for an album is the price of copyrights generated by the numbers of copies produced, which has grown by nearly 50 percent in just one year.
KMCA officials analyzed that K-POP artists are leading the growth, saying, ” K-POP singers such as BTS, Wanna One, Red Velvet, GOT7, and TWICE are making their music market grow exponentially in Korea as well as in the world.”
President Hong Jin-young, who is taking office with a goal of collecting 500 billion won within his term, said, “BTS, which is comprised of many members of the association, including Min Yoongi (Suga), is experiencing amazing popularity recently, including being able to be on the cover of Times magazine. The global K-pop market is approaching $5 billion, and for our artists who make this happen, the association will work more actively with international copyright organizations that have mutual management agreements.”