[News Today] K-POP EXPERIENCING SLUMP

[LEAD]
While K-pop remains a global sensation, the growth in album exports is slowing. Experts warn that relying solely on traditional fandom-driven models may not be sustainable for long.

[REPORT]
From aespa's 'Whiplash' that whipped up a frenzy this summer to New Jeans that brought a 'new retro' trend and then ROSÉ's 'APT' at the end of last year. K-pop seemed to have swept the world last year as usual.

ROSÉ/ BlackPink Member (Oct. 2024)
It's been a long journey. It hasn't been the easiest 'cause in the process of me writing this album, I was trying to be independent.

Seven out of 10 best-selling albums in the U.S. last year were K-pop albums.

K-pop also dominated overseas music awards.

However, a closer look reveals a different story.

Last year's album export amounted to 423.8 billion won, or some 288 million U.S. dollars, rising just 0.5 percent from the previous year, essentially halting over five years of growth.

Annual album sales also didn't fare well.

The number of physical albums sold last year fell below the 100-million mark to around 99 million.

This decline is due to the fading first-week sales competition and excessive marketing.

Kim Jin-woo/ Circle Chart
There used to be infinite fan signing events or early-phase competition, but
the industry has started to self-regulate and scale back.

The industry has reached the limit in generating profit solely from K-pop fans.

HYBE, SM, JYP and other entertainment giants are finding a breakthrough in new groups.

Choi Kwang-ho / Korea Music Content Association
They already know that the market is limited with the existing idol format.
So, they are seeking diversity in music and format.

The return of BTS and Black Pink, with huge fan bases, is also expected to reignite the K-pop fever.