The K-pop industry eagerly anticipates the return of its star acts BTS and BLACKPINK this year, hoping their comebacks will help surpass the 100 million album sales mark again. In 2023, K-pop album sales exceeded 100 million, but the figure dropped significantly last year.

According to Circle Chart, operated by the Korea Music Content Association, cumulative sales of the top 400 albums from the first to the 50th week last year amounted to 92.7 million, a 19.5 percent drop from the 115.2 million recorded during the same period in 2023.

The absence of new albums from top-tier stars in the final two weeks of the year and a broader contraction in the market after President Yoon Suk Yeol's imposition of martial law on Dec. 3 seemed to have contributed to the dip.

The sharp drop in sales reflects the reduced activity of major stars who previously drove the market.

With BTS members serving in the military, groups like SEVENTEEN sold fewer albums, dropping from 16 million in 2023 to 8.96 million last year. Stray Kids also saw their album sales plummet from 10.87 million to 5.88 million.

The number of artists selling over 3 million albums annually declined from 11 in 2023 to seven last year, while those surpassing 1 million fell from 26 to 24.

This decline marks the first contraction in K-pop album sales after nine consecutive years of growth from 2015 to 2023.

Even overseas exports, a key driver of K-pop’s global presence, saw a downturn, falling by 7 percent from $292 million in 2023 to $271 million last year, based on data from the Korea Customs Service.

Some view the decline as a sign that the K-pop market has peaked, but others argue against such a conclusion.

Kim Jin-woo, a senior researcher at Circle Chart, said that the market slowdown was partly due to reduced bulk purchases of albums for fan signing events, a trend prevalent in 2023.

Kim also noted that as fans moved away from pandemic-era restrictions, their spending shifted toward concerts and merchandise. For example, SEVENTEEN increased their domestic concerts from two in 2023 to six last year and nearly doubled their overseas shows from 18 to 32.

BTS, BLACKPINK comebacks

Industry insiders are optimistic that album sales will bounce back to the 100 million mark this year. BTS is set to resume group activities as members Jin, J-Hope, RM, V, Jungkook, Jimin and Suga complete their military service by June.

BLACKPINK, currently pursuing solo projects, is also expected to reunite for a new album and a world tour.

Meanwhile, SEVENTEEN's subunit BSS released a new EP early this year, and new acts from JYP Entertainment and SM Entertainment are slated to debut.

The stock prices of K-pop’s "Big Four" entertainment companies have surged by 30 to 50 percent since last fall.

Kim Hyun-yong, a researcher at Hyundai Motor Securities, said, “From Stray Kids’ overseas stadium tour in the first half of the year to BTS’s comeback in the latter half, the global K-pop scene is entering a new growth cycle in the U.S. and European concert markets.”

Kim Jin-woo added, “Last year’s decline was more of a market adjustment after excessive hype. With BTS and BLACKPINK returning, there are many positive factors to anticipate another year of 100 million album sales.” (The Korea Times)

This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI system and edited by The Korea Times.