Revenue from physical album sales is one of the biggest sources of income for K-pop. According to Circle Chart, the sales of physical K-pop albums have been increasing rapidly. Nearly 35 million copies were sold in the first half of 2022, a 34.6% increase compared to the same period the previous year.
According to statistics, K-pop album sales have been consistently growing exponentially since 2016, despite the impact of the COVID-19 pandemic on the music industry.
Concerts also generate significant profits for K-pop, especially during the period when Korean music groups are expanding their international influence with a series of global tours.
Furthermore, the K-pop industry has recognized the importance of “internationalization” in order to easily attract a diverse fan base.
According to experts, the K-pop wave and Korean culture have now become one of the key export products. With $1 billion in music exports, it is expected to stimulate an additional $2 billion in related products, including fashion, cosmetics, food, and more.
