Thanks to BTS and Blackpink, K-Pop is having a purple patch globally. Can we assume that this will continue though? Hybe chairman Bang Si Hyuk has delivered a warning that this should not be taken for granted.
Allkpop reported on his speech at an event in Seoul yesterday in which he noted that Hybe and its fellow K-Pop companies combined still only account for “less than 2% of the revenue shares of the worldwide music industry” – well behind the three global majors. “The K-Pop industry is still just a David amongst three Goliaths,” as he put it.
Bang also suggested that K-Pop’s growth in regions including the US and south east Asia slowed down in 2022, and noted that with BTS on hiatus, the K-Pop industry needs to work hard to plug the gap.
“We’ve seen through the BTS trickle-down effect how global consumers come in contact with K-Pop,” he said. “We must utilise fan platforms as the contact point through which more K-Pop artists can enter the global market, and nurture the awakening of dormant fandoms worldwide.”
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