Overseas K-pop sales surpass 1 trillion won for first time in 2023

K-pop

Published: 25 Jul. 2024, 16:55 Updated: 25 Jul. 2024, 17:29

Overseas K-pop sales surpass 1 trillion won for first time in 2023

Boy band Stray Kids [JYP ENTERTAINMENT]

Overseas sales in the K-pop market surpassed 1 trillion won ($723 million) for the first time in 2023, marking a 34.3 percent increase from 2022, according to Korea Culture and Tourism Institute (KCTI) on Thursday.

According to the KCTI's report released Wednesday, the overseas sales of K-pop in 2023 was estimated to be over 1.23 trillion won. KCTI works out the total figure by combining estimated sales from album exports, overseas streaming services and overseas concerts.

Overseas concert sales accounted for the largest share of overseas K-pop sales with 588.5 billion won, accounting for 47.5 percent. It was followed by album exports with 388.9 billion won, accounting for 31.4 percent, while streaming services brought in 260.3 billion won, accounting for 21 percent of the total sales.

Estimated concert sales of the six major entertainment companies, including SM Entertainment, JYP Entertainment, YG Entertainment and HYBE, grew at an average annual rate of 35 percent between 2018 and 2023. Concert sales increased by 65.6 percent last year — which saw the end of the Covid-19 pandemic — compared to the previous year.

Album exports saw rapid growth, increasing 7.6 times compared to 2017. After surpassing 200 billion won in exports for the first time in 2020, it exceeded 300 billion won in 2022, showing a steep increase.

Estimated sales from streaming services also jumped 3.4 times compared to 2017. The market showed diversification, with streaming sales increasing in Europe and the Americas, in addition to Asia, which was a major market for K-pop.

"With K-pop markets growing in various other countries, new artists playing active roles and ongoing efforts to expand globally, overseas sales are expected to go up in 2024," said Oh Shi-jin, the author of the report.

BY KIM MIN-YOUNG [kim.minyoung5@joongang.co.kr]