On the 28th, South China Morning Post (SCMP) reported that K-Pop had a successful year despite the global pandemic of COVID-19.
The SCMP evaluated this year as an important year for the Korean pop culture industry, while other industries were suffering. It explained how K-Pop artists, starting from BTS, focused on the experiences of the younger generation and provided comfort to those suffering from COVID-19 via music.
The Korean music industry’s quick response to turn toward online concerts is also considered as the key to its success. K-Pop artists effectively hosted fan-centered events and paid online concerts through various streaming platforms.
These online fan meetings provided a direct opportunity for artists and fans around the world to communicate and simultaneously promoted the competition between fans who want to participate. These events provided joy and comfort to many fans and consequently became an opportunity to garner money from millions of viewers.
The SCMP stated that BTS, SEVENTEEN, BLACKPINK, and NCT sold millions of copies of albums, as it cited the 94.9% increase in CD and DVD exports from last year’s statistics from the Korea Customs Service.
In particular, exports of albums have increased significantly from 70 million USD last year to 123 million USD this year. Japan, the U.S., and China were its main consumers.
However, as the number of confirmed cases of COVID-19 in South Korea has soared for the end of the year and numbers of infected K-Pop have started to rise, the SCMP expressed its concerns for the collective spread of the virus within the industry.
Source (1)
