Why K-pop's future is in crisis, according to its chief guardian

https://www.npr.org/2023/04/08/ [login to see] /kpop-bts-hiatus
South Korean pop has quickly grown into a global phenomenon, and its popularity seems to only expand. But a leading figure of the industry says K-pop "is in crisis."

Bang Si-hyuk, who chief produces the megahit group BTS, gave the assessment in a rare press conference last month. He said K-pop's business growth has slowed or even turned negative in some markets.

This trend is especially concerning, he said, because K-pop is yet to have an economy of scale. Despite the explosive growth both in business and cultural impact in recent years, major K-pop companies account for only 2% of global music record and streaming sales, according to Bang.

"K-pop exports hit a new high last year," says Kim Jin-woo, the head researcher at Circle Chart, one of the most influential Korean popular music charts. "But nevertheless, there are signs of slowdown."

South Korean customs data shows that K-pop album exports last year exceeded $230 million, marking a 4.8% growth from the previous year. That figure is dwarfed by previous years' growth — 62.1% in 2021 and 82.6% in 2020.