1 / 8

K-pop in Korea: Future Projections for the Industry Looks Positive

The market for K-Pop in Korea is projected to experience substantial growth in the future fuelled by increased spending from a younger audience. The K-Pop events market was valued at $8.1 bn in the year 2021. According to a recent report, it is expected to reach around $20 bn by 2031, rising at a 7.3% CAGR between 2022 and 2031. Visit: https://bit.ly/3NdN3SF

AsiaFundManagers1
Download Presentation

K-pop in Korea: Future Projections for the Industry Looks Positive

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Economical Impact of K-Pop

  2. The K-Pop Industry • South Korea’s K-pop culture and music industry have become increasingly popular and thus have allowed the propagation of the music genre to many foreign nations through the Korean wave, also known as Hallyu.  • K-Pop stands for Korean Popular music. Also known as Gayo, it is an amalgamation of different music genres. • Psy's "Gangnam Style" and BTS made South Korea’s K-Pop industry popular worldwide.

  3. The K-Pop Industry • K-Pop has evolved into a multibillion-dollar industry with its reach all over the world. • Some of the major markets are the United States, India, Brazil, Germany, the Philippines, Japan, and France. • In 2021, Spotify unveiled its global K-Pop hub and the monthly average K-Pop streams worldwide reached over 7.97 billion per month.

  4. Economic Impact of K-Pop • Hallyu exports - from games to music and broadcast -, have a tremendous impact on South Korea’s economy. • In 2004, it contributed 0.2% of the gross domestic product (GDP) – approximately $1.87 bn. In 2019 Hallyu had an estimated $12.3 bn boost on the Korean economy. • By now, the K-Pop industry generates about $10 bn for the country, according to estimates.

  5. The Roleof BTS BTS, a seven-member boy band, is bringing in an estimated $5 bn to South Korea each year. BTS’ single ‘Dynamite’, the group’s first all-English song launched in 2020, generated a stunning $1.43 bn in economic activity and about 8.000 new jobs, according to a study by the Ministry of Culture.

  6. The Roleof BTS • However, BTS is currently on a break for a few years while the members of the band complete their military service. • According to their label, they will reconvene ‘around 2025’. • Until then, South Korea’s economy might lose billions. Recent estimates say BTS would have contributed $29.4 bn to the economy until end of 2023.

  7. The Future of K-Pop The market for K-Pop is projected to experience substantial growth in the future. The K-Pop events market was valued at $8.1 bn in the year 2021. According to a recent report, it is expected to reach around $20 bn by 2031, rising at a 7.3% CAGR between 2022 and 2031.

  8. Read more at… www.AsiaFundManagers.com Find us on Social!

More Related