연합뉴스
| yna@yna.co.kr 2024-07-24 10:21:49
SEOUL, July 24 (Yonhap) -- The overseas revenue of the K-pop market surpassed 1 trillion won for the first time last year, according to a report released on the 24th by the Korea Culture and Tourism Institute.
In its report titled "Trends in K-pop Overseas Revenue Through Data," the institute estimated that K-pop's overseas revenue in 2023 increased by 34.3% year-on-year to 1.2377 trillion won.
This milestone marks the first time that K-pop's overseas revenue has exceeded 1 trillion won.
The K-pop overseas revenue was calculated by combining the estimated revenues from three areas: exports of album-related products, overseas streaming services, and overseas concerts. Among these, overseas concert revenue accounted for the largest portion at 588.5 billion won (47.5%). Exports of album-related products followed with 388.9 billion won (31.4%), and streaming services generated 260.3 billion won (21.0%).
The estimated concert revenue of the six major entertainment companies, including SM, JYP, YG, and HYBE, recorded an average annual growth rate of 35.0% from 2018 to 2023. Notably, as normalcy resumed last year following the COVID-19 pandemic, concert revenue saw a 65.6% increase from the previous year.
The export of album-related products has grown significantly, reaching 7.6 times the level of 2017. After surpassing 100 billion won in exports for the first time in 2019, it exceeded 300 billion won in 2022, demonstrating a steep upward trend.
Estimated streaming service revenue also jumped to 3.4 times the 2017 level. In addition to the traditional K-pop markets in Asia, streaming revenue increased in Europe and the Americas, indicating market diversification.
The Korea Culture and Tourism Institute projected that considering the diversification of K-pop's overseas market, the active performance of new artists, and continuous efforts to expand abroad, overseas revenue is expected to increase further in 2024.
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