K-Pop Annual Album Sales Record Rewritten... '85.8 Million Copies'

Annual Sales Record Set in 9 Months
However, September Shows First Yearly Decline
Exports to China Plummet, Causing Unfavorable Trends

The annual K-pop album sales record has been rewritten. However, the atmosphere is not entirely celebratory. This is because the recent market trend is unfavorable. It is analyzed that the economic downturn in China has also affected K-pop album sales.

V of BTS, who sold the most albums in September (Photo by BigHit Music)

The government-certified music chart, Circle Chart, announced on the 16th in its September review that "the cumulative sales from January to September reached 85.8 million, about 25 million more than the same period last year," adding that "this corresponds to 106% of last year's total sales (approximately 80 million)." Since the Circle Chart began compiling data in 2010, last year recorded the highest annual sales. This record was surpassed in just nine months, setting a new milestone. Compared to 2013 (8.26 million), sales have grown nearly tenfold in ten years.

However, the recent trend is not positive. September album sales decreased for the first time this year compared to the same period last year, with 6.92 million albums sold. Sales during the same period last year were 7.55 million, a decline of 8.3%. The artist who sold the most albums last month was V, a member of BTS, who sold 2.01 million copies with his first solo album. There were only two 'million sellers' (albums selling over 1 million copies), including the rookie group RISE, which sold 1.03 million.

The biggest reason for the contraction of the K-pop album market is the sharp decline in exports to China. The export value of K-pop albums to China over the recent four months (June to September) was only $550,000 (about 740 million KRW). This is about 2% of last year's export value during the same period, which was $29.91 million (about 40 billion KRW). The industry views the consumption slump in China as having impacted album sales. Additionally, the fact that major artists entered their off-season and paused activities is also considered to have affected sales.

Exports to countries other than China have remained similar to or slightly higher than previous years. From June to September, Japan accounted for 50% of total exports. This far exceeds Japan's share of 36% in exports throughout last year. As China's share, which fluctuated between second and third place among export destinations, has decreased, dependence on Japan has increased.