Can BTS, BLACKPINK reverse downturn in K-pop album sales this year?

Okay-pop boy band BTS / Courtesy of HYBE

The Okay-pop business is eagerly anticipating the return of its star acts BTS and BLACKPINK this yr, hoping their comebacks will assist surpass the 100 million album gross sales mark once more. In 2023, Okay-pop album gross sales exceeded 100 million, however the determine dropped considerably final yr.

In line with Circle Chart, operated by the Korea Music Content material Affiliation, cumulative gross sales of the highest 400 albums from the primary to the fiftieth week final yr amounted to 92.7 million, a 19.5 % drop from the 115.2 million recorded throughout the identical interval in 2023.

The absence of latest albums from top-tier stars within the last two weeks of the yr and a broader contraction out there after President Yoon Suk Yeol’s imposition of martial legislation on Dec. 3 appeared to have contributed to the dip.

The sharp drop in gross sales displays the decreased exercise of main stars who beforehand drove the market.

With BTS members serving within the navy, teams like SEVENTEEN bought fewer albums, dropping from 16 million in 2023 to eight.96 million final yr. Stray Children additionally noticed their album gross sales plummet from 10.87 million to five.88 million.

The variety of artists promoting over 3 million albums yearly declined from 11 in 2023 to seven final yr, whereas these surpassing 1 million fell from 26 to 24.

This decline marks the primary contraction in Okay-pop album gross sales after 9 consecutive years of development from 2015 to 2023.

Even abroad exports, a key driver of Okay-pop’s world presence, noticed a downturn, falling by 7 % from $292 million in 2023 to $271 million final yr, primarily based on information from the Korea Customs Service.

Some view the decline as an indication that the Okay-pop market has peaked, however others argue in opposition to such a conclusion.

Kim Jin-woo, a senior researcher at Circle Chart, mentioned that the market slowdown was partly as a consequence of decreased bulk purchases of albums for fan signing occasions, a pattern prevalent in 2023.

Kim additionally famous that as followers moved away from pandemic-era restrictions, their spending shifted towards concert events and merchandise. For instance, SEVENTEEN elevated their home concert events from two in 2023 to 6 final yr and practically doubled their abroad exhibits from 18 to 32.

Okay-pop lady group BLACKPINK members, Lisa, Rose, Jisoo and Jennie pose with their medals following a particular investiture ceremony to current them with Honorary MBEs (Member of the Order of the British Empire), at Buckingham Palace in London on Nov. 22, 2023. AFP-Yonhap

BTS, BLACKPINK comebacks

Business insiders are optimistic that album gross sales will bounce again to the 100 million mark this yr. BTS is about to renew group actions as members Jin, J-Hope, RM, V, Jungkook, Jimin and Suga full their navy service by June.

BLACKPINK, presently pursuing solo tasks, can also be anticipated to reunite for a brand new album and a world tour.

In the meantime, SEVENTEEN’s subunit BSS launched a brand new EP early this yr, and new acts from JYP Leisure and SM Leisure are slated to debut.

The inventory costs of Okay-pop’s „Huge 4“ leisure firms have surged by 30 to 50 % since final fall.

Kim Hyun-yong, a researcher at Hyundai Motor Securities, mentioned, “From Stray Children’ abroad stadium tour within the first half of the yr to BTS’s comeback within the latter half, the worldwide Okay-pop scene is getting into a brand new development cycle within the U.S. and European live performance markets.”

Kim Jin-woo added, “Final yr’s decline was extra of a market adjustment after extreme hype. With BTS and BLACKPINK returning, there are numerous optimistic elements to anticipate one other yr of 100 million album gross sales.”

This text from the Hankook Ilbo, the sister publication of The Korea Occasions, is translated by a generative AI system and edited by The Korea Occasions.