Hit after hit after hit: K-Pop rules the waves

But can the success continue?

Threatened by AI, quasi-monopolies over live concerts, low streaming revenue and the collapse of small venues; the music industry has no lack of problems to deal with. But one thing has been a constant over the past few years – the success of Korean music. Buoyed by a vibrant K-Pop scene and dominated by large corporations, it has built a formidable economic eco-system that fuels growth in South Korea and across the broader region as far as Japan. Big names include Rosé, Red Velvet (photo) and Aespa.

In real terms, the South Korean digital recorded music market almost doubled in value between 2019 and 2023, according to figures published by the Korea Music Copyright Association (Komca), from $692 million (€615 million) to $1.32 billion (€1.16 billion) in the meantime.

It doesn’t stop there. The organization predicts that this growth will continue and that the market will reach $1.7 billion (€1.5 billion) in 2027. Most of this growth is estimated to come from streaming. Youtube Music has dominated the market since last year, with a 30.7% market share, ahead of local platforms Melon (28.3%), Genie Music (11.3%) and FLO (9.4%).

(Michael Leahy. Source: @Music_Zone. Photo: Hiu Yan Chelsia Choi / Unsplash)