Industry Insiders Add That From Now On, The Hallyu Wave Will No Longer Target The China And Southeast Asia Market As It Usually Does. They Believe Entering The US Will Bring Higher Profits.
Now that the pandemic restrictions have been lifted in many countries, many K-pop groups are touring overseas, especially in North America. This is an attempt to expand their popularity in America and Europe, not just in Japan, China and Southeast Asia as in the past.
Industry experts told the Joongang Ilbo that the profits from overseas fandom and concerts held in Western markets were far greater. Tickets for a K-pop concert in Germany cost from 68 euros (~90,000 KRW) to 328 euros (~440,000 KRW). K-pop album sales in the US also increased by 17.2% last year.
BTS (Bangtan Boys) has made a significant contribution in opening the door for K-pop to enter the US. The group was nominated for a Grammy and concerts in large stadiums with a capacity of 50,000 - 70,000 seats were sold out. This year, TWICE also sold 20,000 tickets for the US concert. Stray Kids and SEVENTEEN (II) have also achieved many outstanding achievements outside of Asia.
Currently, top groups such as BTS, BLACKPINK (Black Pink), TWICE, NCT 127, SEVENTEEN, Stray Kids, are all targeting Billboard charts more than domestic digital charts by releasing new music on Friday. In 2020, the number of Korean artists debuting on the Billboard Hot 100 also skyrocketed from 5 to 17.
Industry insiders added that from now on, the Hallyu Wave will no longer target the China and Southeast Asia markets as it used to. They believe entering the US will bring much higher profits. Performance revenue in the US music market ranks first in the world with 10.88 billion USD, 3.7 times higher than Japan ($ 2.97 billion) and 42 times higher than China ($ 258 million).
An industry official said, "10 years ago, when JYP entered the US music market and sadly returned, targeting Western countries was an unthinkable dream. But nowadays, everyone thinks that it is possible. They believe Southeast Asia has become unprofitable region, and China has too many strict regulations. The market has turned 180 degrees." (wk/goddess)
