First Drop in South Korean Album Sales... Slowing Global K-POP Export: “Signs of Crisis” vs. “Opportunities for a Comeback”

Album sales in South Korea, the birthplace of K-POP, have shown a decline for the first time. According to Luminate’s 2024 year-end report, red lights have been lit for the Korean album market, yet K-POP maintains strong dominance in global markets. Data released by Seoul’s Circle Chart shows that sales of the top 400 albums in South Korea dropped by over 19% in 2024 compared to 2023. This marks the first time in nine consecutive years that growth has halted. 2024 was also the first year since 2014 when album sales declined. Circle Chart calculated that 93.3 million physical albums were sold in South Korea in 2024, which is approximately 230,000 fewer units than the 115.7 million sold in 2023. 2023 was the only year when sales exceeded 1 million units. Despite weak domestic sales for K-POP, its influence remains strong globally. Seven out of the top 10 best-selling CD albums in the United States were K-POP albums. The only non-K-POP albums on that list were Taylor Swift’s “The Tortured Poets Department” (1st place), “Reputation Taylor’s Version” (7th place), and Billie Eilish’s “Hit Me Hard and Soft” (10th place). In total, 1.942 million copies of K-POP albums were sold in the U.S. in 2024. Luminate’s survey found that 73% of K-POP superfans purchased albums, a rate far exceeding that of average American music listeners. The growth rate of K-POP album exports also slowed down. According to statistics from South Korea’s Customs Service, K-POP album exports in 2024 amounted to $291.8 million (approximately 40.8 billion won), representing only a slight 0.55% increase from 2023. This contrasts sharply with the booming period right after the pandemic. K-POP album exports had surged from $74.6 million in 2019 to $231.4 million in 2022. In 2024, Japan, the United States, and China accounted for 72.8% of K-POP album exports. Japan, the world’s second-largest album market, was the largest importer in 2024, with import values reaching $89.8 million (approximately 12.5 billion won). The United States ranked second with $60.29 million (approximately 8.4 billion won), followed by China at $59.79 million (approximately 8.3 billion won), occupying third and fourth places respectively. Amid weak domestic album sales, there are signs of hope within the K-POP industry. BLACKPINK officially announced a new album and world tour for 2025, and all BTS members are scheduled to complete their military service by June. Lisa, a member of BLACKPINK, has continued to release solo music since June 2024, starting with “Rockstar,” followed by “New Woman,” “Moonlit Floor (Kiss Me),” and “Born Again.” Rosé, Jisoo, and Jennie are also pursuing solo careers, and the industry believes 2025 could become a turning point for K-POP.