For the first time in history, K-Pop’s overseas revenue has surpassed the 1 trillion KRW mark (approximately 900 million USD), showcasing the genre’s explosive global growth.
According to the Korea Culture and Tourism Institute’s analysis of “K-Pop Overseas Sales Trends Through Data,” K-Pop’s overseas revenue in 2023 was estimated at 1.237 trillion KRW, a 34.3% increase from the previous year. This figure was derived from combining the estimated revenues from album merchandise exports, overseas streaming services, and world tours.
The lion’s share of the revenue came from overseas concerts, amounting to 588.5 billion KRW (47.5%). This represents a significant increase from the previous year’s 220.2 billion KRW (approximately 160 million USD). Album merchandise exports contributed 388.9 billion KRW (31.4%), while streaming services generated 260.3 billion KRW (21.0%), reflecting growth rates of 13.2% and 24.1%, respectively.
The estimated concert revenue for the six major entertainment companies, including SM, JYP, YG, and HYBE, grew at an annual average rate of 35.0% from 2018 to 2023. As world tours resumed in earnest post-COVID-19, concert revenues saw a 65.6% increase last year compared to the previous year.
According to Billboard, HYBE artists performed 60 concerts in 2022, attracting 865,625 attendees. In 2023, they held 93 concerts, drawing an impressive 1,006,000 attendees. Meanwhile, BLACKPINK expanded their international presence, increasing their overseas concerts from 24 in 2022 to 38 in 2023.
Album merchandise exports saw a remarkable rise, increasing 7.6 times compared to 2017 and 4.5 times compared to 2018. The report noted, “From 2018 to 2023, there was a consistent annual growth rate of around 35%.” Streaming service revenue estimates also rose significantly, reaching 3.4 times the 2017 figure and 2.7 times the 2018 figure.
While Asia has traditionally been the primary market for K-Pop, recent years have seen substantial growth in Europe and the Americas. The regional distribution of K-Pop consumption was 48.4% in Europe, 42.7% in the Americas, 33.6% in Oceania, and 14.7% in Asia.
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