[2024 K-POP]① The Leap of K-POP Seen Through Charts and World Tour

Global Growth and Challenges, the Starting Point of K-POP in 2024
K-POP Artists Sweeping Beyond Billboard on Spotify and YouTube

The year 2024 is poised to be recorded as a landmark year in which K-POP made new history in the global music market. K-POP artists achieved dazzling results across key indicators such as the Billboard charts, Spotify streaming, and YouTube views, establishing an unparalleled presence in the world music market. Physical album sales and world tour performances showed steep growth, while new technology-based business models like NFTs and the metaverse also successfully took root. This article examines the major achievements of K-POP in 2024 through numbers and case studies, highlighting the significance of K-POP’s accomplishments in the global market.

Group Seventeen. [Photo by Pledis Entertainment]

A 'New Milestone' in Global Chart Performance

In 2024, K-POP set new milestones on the Billboard charts. BTS (Bangtan Sonyeondan) demonstrated their enduring power by maintaining a high position on the ‘Hot 100’ chart with ‘Butter,’ while BLACKPINK’s ‘How You Like That’ re-entered the charts in January, continuing its long-running hit status.

NewJeans symbolized a generational shift in K-POP by topping the Billboard ‘Hot 100’ with ‘OMG.’ The New York Times praised NewJeans as “a group representing the future of K-POP, targeting Generation Z with their unique and sophisticated musical style.”

On Spotify, streaming numbers for K-POP artists exploded. The share of K-POP artists among the Top 100 artists by monthly listeners increased by 30%, and new releases from NewJeans and SEVENTEEN broke streaming records within 24 hours of release.

On YouTube, BTS’s ‘Dynamite’ surpassed 2 billion views, setting another monumental record in K-POP history. Rookie group NewJeans also achieved an extraordinary feat for a debut group with 200 million views on the ‘Hype Boy’ music video. NewJeans’ fandom, Bunnyz, commented on the video, saying, “Their music videos satisfy both visual sensibility and musical completeness, earning love worldwide.”

Group NewJeans. [Photo by ADORE]

Explosive Growth in Physical Albums and Digital Music Sales

The physical album market for K-POP in 2024 grew by more than 40% compared to the previous year. SEVENTEEN’s ‘Face the Sun’ sold over 6 million copies, breaking the record for the highest sales of a single album. The music industry attributed this success to unique packaging, photobooks, and merchandise that stimulated global fans’ collecting desires.

The physical albums of K-POP artists displayed at an album sales store.
[Photo by Yonhap News]

Global markets accounted for 65% of total physical album sales, demonstrating that K-POP albums have become mainstream in the U.S., Japan, and Southeast Asia. Akane Tanaka (25), a BTS fan from Japan, expressed high satisfaction, saying, “K-POP albums feel like works of art, not just music.”

K-POP’s share of the global digital music market exceeded 8%. IU’s ‘LILAC’ remained in the Top 10 of digital charts for an extended period, proving K-POP’s sustained popularity. These achievements were made possible by localized strategies on streaming platforms and fan-centered marketing.

Singer IU. [Photo by Idam Entertainment]

Economic Ripple Effects of Concerts and Tours... New Records in World Tour Success

This year, K-POP artists led the world tour market by attracting approximately 10 million attendees. IU, returning to touring after five years, received acclaim from over 500,000 attendees through 31 performances across 18 cities in 12 countries, including Southeast Asia, Greater China, Japan, Europe, and North America, setting the record for the highest-grossing U.S. tour by an Asian female solo artist after her Seoul concert. SEVENTEEN showcased their strength by drawing 80,000 attendees at their Los Angeles concert, while IVE expanded their presence in the European market with over 50,000 attendees per city during their European tour.

K-POP concerts have not only been music events but also injected economic vitality into various sectors such as tourism, accommodation, and dining. According to data analyzed by the Korea Culture and Tourism Institute, BTS’s Seoul concert generated an economic impact of approximately 3 trillion KRW, becoming a key driver of increased tourist inflow and regional economic revitalization. A hotel manager in Myeongdong, Seoul, shared, “During K-POP concert seasons, room reservations are fully booked three months in advance,” reflecting the tangible economic effects of K-POP artist concerts.

Hive's platform subsidiary Weverse created avatar characters called TinyTAN, modeled after BTS members, through Naver's Zepeto, receiving great response.
[Photo by Weverse]

The Emergence of New Revenue Models: 'Digital Platforms and NFTs'

NFTs and the metaverse became new revenue sources for K-POP in 2024. Virtual concerts held on metaverse platforms recorded sales of 50 billion KRW, and NFT (Non-Fungible Token)-based digital goods received explosive responses from global fans. Jason Lee, a music industry analyst at Deloitte, predicted, “The metaverse and NFTs will establish themselves as new revenue models for K-POP.”

Fan club platforms evolved into sophisticated membership-based subscription models. HYBE’s Weverse strengthened real-time communication between artists and fans, while NCSoft’s Universe attracted attention as an innovative service combining gaming and fandom. SM Entertainment operated a fan community called Lysn and also launched the ‘Dear Bubble’ service, which offers one-on-one conversations with artists, generating buzz. The Korean fandom business market grew to about 3 trillion KRW in 2024, and industry insiders expect it to expand to 10 trillion KRW within the next five years.

In 2024, K-POP set new standards in the global music market, demonstrating an unparalleled presence not only in music but also in economic and cultural influence. Above all, the discovery and successful establishment of new business models aligned with the digital transformation era are expected to serve as an important foundation for the sustainable growth of the K-POP industry in the future. Ji-hyun Park, a researcher at the Korea Culture and Tourism Institute, emphasized, “The global growth of K-POP is just the beginning, and even greater growth is expected in the future.”