[Exclusive] 100 Billion Won in Music Album Exports in 4 Months... 70% Increase Compared to Last Year

KCS January-April Statistics Approximately 112 Billion KRW
68% Increase Compared to Same Period Last Year 'Record High'
Sold in Order of Japan, China, and the US, HYBE Drives Exports

K-pop is on a record-breaking export streak. South Korea's music album export value surpassed 100 billion won in just four months. It is being sold worldwide at the fastest pace ever.

BTS Jimin (Photo by BigHit Music)

According to trade statistics from the Korea Customs Service, the export value of music albums from January to last month was $83.86 million (approximately 112 billion won). During the same period last year, it was $49.66 million (approximately 66.3 billion won). This marks a 68% increase. Meanwhile, the import value of music albums was $2.12 million (approximately 2.8 billion won), resulting in a trade surplus of $81.74 million (approximately 109 billion won).

On an annual basis, South Korea's music album export value has risen from $74.59 million (approximately 99 billion won) in 2019, to $136.2 million (approximately 180 billion won) in 2020, $220.85 million (approximately 293 billion won) in 2021, and $231.38 million (approximately 307.6 billion won) last year. This year, the export value for January, February, March, and April each increased by more than 50% compared to the same periods last year. This explosive growth occurred in the first quarter, traditionally considered the entertainment industry's 'off-season.' If the current trend, which has risen to about 70% compared to the same period last year over the past four months, continues for the remaining eight months, the annual music album export value is expected to approach 500 billion won.

The country where Korean music albums sold the most was Japan ($31.07 million). China ($19 million) and the United States ($12.58 million) followed. These three countries accounted for 74.7% ($62.65 million) of the total. Other top 10 export destinations included Taiwan, Hong Kong, Germany, the Netherlands, Canada, Thailand, and the United Kingdom. In total, albums were exported to 74 countries.

The boom in music album exports was led by HYBE, the company that sells the most albums domestically. HYBE recently announced in its first-quarter earnings report that album sales reached 9.11 million units over three months. This is nearly half of last year's total sales (20.7 million units). Album revenue (184.2 billion won) accounted for 44.8% of total revenue (410.6 billion won). This indicates that overseas sales performance had a significant impact as well.