The US emerges as K-pop’s second largest market, surpassing China, with significant achievements by groups like BTS.
According to the Korean Customs Office, the export value of K-pop albums in the first 6 months was $132.934 million, an increase of 17.1% compared to last year. This is the highest level ever recorded in the first half of the year.
Furthermore, there have been changes in the top 3 markets for K-pop:
#1. Japan: $48.523 million (=)
#2. United States: $25.529 million (+1)
#3. China: $22.64 million (-1)
The remaining markets in the top 10 are Germany, Taiwan, Hong Kong, the Netherlands, the United Kingdom, Canada, and France. Since 2012 (excluding 2020), China has always held the second position.
In the first half of this year, K-pop stars have achieved remarkable results even without BTS group activities in the US.
With his solo title track ‘Like Crazy,’ BTS Jimin set a huge record by becoming the first solo K-pop artist to top the US Billboard HOT 100 singles chart.
Furthermore, Stray Kids and TXT reached No.1 on the Billboard 200 main album chart. Jimin, Agust D, SEVENTEEN, ATEEZ, and TWICE secured the second spot.
Dubbed as the ‘Miracle of Small and Medium-sized Idols,’ FIFTY FIFTY has achieved 16 consecutive weeks on the Hot 100 chart with their mega hit ‘CUPID.’
Choi Kwang Ho, Secretary-General of the Korean Music Content Association, said, “K-pop used to be represented by BTS and BLACKPINK in North America, but now it has become a genre. After BTS won their first award at the 2017 Billboard Music Awards, it took a few years for K-pop to reach this position.“
“Although there are concerns about BTS enlisting in the military, artists like Stray Kids, SEVENTEEN, and even BTS members with solo activities have achieved great success.”
Additionally, he emphasized, “While the actual album market of K-pop has grown, as seen in the success of Cupid, the streaming market still has many opportunities for development. K-pop has still not reached its peak.”
