Japanese, American, and Chinese Markets Drive Explosive Growth in Korean Music Exports

BIGHIT MUSIC

Korean music continues to make waves on the international stage as album exports hit an all-time high, with Japan, the United States, and China emerging as the top destinations for Korean music albums. According to the latest Import and Export Statistics released by the Korea Customs Service, Korean album exports soared to a remarkable $132 million in the first half of 2023. This represents a significant 17.1 percent increase compared to the same period last year and stands as the highest-ever recorded figure for any first half of the year.

Japan claimed the top spot as the largest importer of Korean music albums, with a staggering $48 million in imports. The United States closely followed, purchasing $32 million worth of Korean music albums, while China secured the third position with $22 million in imports. Notably, the United States, renowned for having the world's largest album market, surpassed China, which had been the second-largest importer of Korean music albums in previous years, with the exception of 2020. The top 10 album export list also featured Germany, Taiwan, Hong Kong, the Netherlands, the United Kingdom, and France, highlighting the global reach and appeal of Korean music.

Choi Kwang-ho, the secretary general of the Korea Music Content Association, emphasized the evolving landscape of K-pop's influence on the international stage, stating, "K-pop, once epitomized by BTS and Blackpink in the U.S. market, has now emerged as a prominent genre." He noted that it took several years for K-pop to establish its presence in the U.S. market, even after BTS's historic recognition at the Billboard Music Awards in 2017. Choi emphasized that while the physical K-pop market has witnessed substantial growth, there is still untapped potential for further expansion in the streaming market. He pointed to the success story of Fifty Fifty's hit track "Cupid," which gained international acclaim before becoming popular in Korea. The song has remained on Billboard's Hot 100 chart for an impressive 16 weeks, setting a new record as the longest-charting K-pop girl group song.

In the United States, boy band Tomorrow X Together's latest Korean album, "The Name Chapter: Temptation," made waves by selling over 395,000 copies since its release on January 27, 2023. This remarkable achievement positions the album as the best-selling CD album in the U.S. during the first half of 2023.

As Korean music continues to captivate global audiences, its remarkable achievements in album exports reflect the growing influence and popularity of K-pop on the world stage. With room for further growth in the streaming market and an increasing appetite for Korean music, the trajectory of Korean music exports suggests that the industry has yet to reach its pinnacle.

Sayart.net 

Kelly.K, pittou8181@gmail.com