Korea's pop music industry (K-POP) experienced a rapid rise, but encountered a setback in 2024, with signs of stagnation in the sales and exports of physical albums. According to trade statistics from the Korea Customs Service, the country's record export volume last year was $2.918 billion, an increase of only 0.55% compared to 2023. This is a significant slowdown compared to the double-digit rise in previous years. Since 2019, the Korean K-POP industry has experienced a boom, with export volumes soaring from $74.6 million in 2019 to $231.4 million in 2022. Japan remains the largest export destination, reaching $89.8 million, followed by the United States at $60.29 million.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
The rapid rise of the Korean K-POP industry has encountered setbacks.
Korea's pop music industry (K-POP) experienced a rapid rise, but encountered a setback in 2024, with signs of stagnation in the sales and exports of physical albums. According to trade statistics from the Korea Customs Service, the country's record export volume last year was $2.918 billion, an increase of only 0.55% compared to 2023. This is a significant slowdown compared to the double-digit rise in previous years. Since 2019, the Korean K-POP industry has experienced a boom, with export volumes soaring from $74.6 million in 2019 to $231.4 million in 2022. Japan remains the largest export destination, reaching $89.8 million, followed by the United States at $60.29 million.