The United States, which holds the title of being the world's largest music market has now become the second-largest export destination for K-Pop.
The first half of the year 2023 has proved to be blissful for the Korean pop industry. South Korea’s K-pop music albums have set a new all-time high export record. According to the Korea Customs Service, the K-pop music album exports from January to June totalled up to USD 132.9 million, which is up by 17.1% as compared to the export rate from the same time last year. Thanks to the extensive music markets of Japan and the US, the first six months of this year saw K-pop album sales reach new heights.
Japan tops the list of K-pop consumers, with imports worth USD 48.5 million. The US comes in second, with demand for K-pop records totalling USD 25.5 million, followed closely by China at USD 22.64 million. The rest of the top countries that have caught on to this trend include Germany, Taiwan, Hong Kong, Netherlands, Canada, the UK, and France. It is truly impressive to see how this particular genre of music is bringing people together from all corners of the globe.
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During the first half of the year, K-pop artists in the US achieved remarkable accomplishments. While some members of the Grammy-nominated boy band, BTS began their mandatory military service, hence, the group announced a hiatus. However, those members who have not yet started their service have been making a name for themselves in the US with their solo albums. Jimin's hit single, Like Crazy, made him the first K-pop solo artist to debut at No. 1 on the Billboard main singles chart.
The Billboard main albums list was topped by other prominent bands like Stray Kids and Tomorrow X Together (TXT), with Twice and Seventeen taking the No. 2 position. A rookie girl group, Fifty Fifty, has also set a new record by landing its single, Cupid, on the Billboard main singles chart only 130 days after its debut. The song remained on the Billboard for 16 weeks straight.
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According to Choi Kwang-ho, Secretary General of the Korea Music Content Association (KMCA), K-pop has established itself as a distinct genre in the North American market. He said:
"BTS and BLACKPINK used to represent K-pop in the North American market, but today, K-pop has positioned itself as a specific genre there. The BTS members' enlistment for military duty fuelled concerns, but the solo projects by the remaining members and the performances of its junior groups like Stray Kids and SEVENTEEN have been remarkably successful. The success of 'Cupid' also demonstrates that K-pop can still increase its share in the streaming market, so I would say it has not yet reached its peak."
Recent research has revealed that K-pop has gained popularity as a genre in the United States. Luminate, an American music market intelligence company, reports that Korean ranks third among the most-streamed languages in the US, following English and Spanish, based on the analysis of the top 10,000 songs.
Do let us know which is your favourite album of the year.
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