Top 3 countries take up more than 70% of exports
Comparison between Top 3 countries by volume
Top 3 Countries by Percentage of total exports
Exports to Asia by Country, Taiwan, Vietnam, Indonesia, Thailand, Philippines and Hong Kong
Exports to Western Regions by Country Netherlands, Germany, England, Canada, France and Australia
K-pop physical album exports increased by 0.55% YoY, reaching a record high.
However, there are concerns about sustainability.
China’s market rebounded, but exports to most European regions declined or stagnated (except for Germany).
For the first time since 2017, Japan's growth declined.
Billboard Japan 2024: Fewer K-pop albums ranked in the annual top 20, indicating slower demand.
Whether Japan has reached market saturation remains uncertain, but close monitoring is necessary.
Rising domestic Japanese idols may be competing directly with K-pop.
Southeast Asia’s exports slowed as K-pop shifted towards the Western music market.
Southeast Asia's own music industry, based on local intellectual property (IP), grew, increasing its appeal within its own region and reducing reliance on K-pop.
European exports stagnated or declined due to the long hiatus of mega artists like BTS and BLACKPINK, weakening K-pop’s market influence there.
The lack of new fans resulted in lower growth.
Future key factors include BTS and BLACKPINK's comeback and China’s stable growth, which could impact physical album exports in 2024.
Mid-term forecast: The next phase of K-pop, often termed "K-POP 4.0," will see artists trained in self-producing and group-driven activities.
Competitive differentiation will be crucial in a saturated domestic market.
