Recently, the Chosun Ilbo, Korea's most influential newspaper, has analyzed and reported in depth the present and future of the K-pop industry, which is experiencing rapid growth. Summarize and publish important information.
◇ K-pop fandom, from audience to cultural producer
As the number of Hallyu fans around the world exceeds 100 million and the fandom grows wider and thicker, a global fan industry market is being formed. In addition, recently, it is growing into various civic movements based on the political and social influence of K-pop stars.
The US Billboard magazine recently stated, “The concept of emphasizing the bond between fans and stars and giving preferential treatment to more active fans is expanding to the global music market. K-pop, led by BTS, is the fastest-growing music field in the world last year.
According to the announcement of the International Music Industry Association (IFPI), the K-pop and Korean music markets showed an overwhelming increase of 44.8% compared to the previous year. In addition to large communities such as Weverse of Hive (formerly Big Hit), start-ups aiming for a niche are also emerging.
Representative examples include Starry and Celebrity, which are star video messaging services, as well as 'Deokjil', which relays and sells K-pop goods made by fans to fans around the world. In the case of Starry, overseas fans account for about 65%, and ‘Starplay’, a K-pop star voting platform, is currently used by about 3.3 million people in 150 countries.
The size of the K-pop fandom's economy is expected to exceed $7 billion and will grow even more in the future. The MZ generation, who enjoys and nurtures various personalities such as 'Bukkake', also grows the metaverse (three-dimensional virtual world) market. The cumulative number of visitors to Blackpink House on Naver's 3D avatar platform, ZEPETO, reached 13 million in six months. Fans are creating another world here, making friends with other avatars.
◇K-pop fandom evolving into civic activists
Recently, French President Emmanuel Macron posted on Twitter, “If you could spend 300 Euros on books, music, movies, exhibitions and concerts, what would you buy first? BTS' 'Butter.'” It was retweeted more than 5,000 times and became a hot topic with nearly 20,000 likes.
For this, the influence of the K-pop fandom and the 'publicity effect' were actively used. According to Twitter, the use of K-pop mentions on Twitter over the past 10 years has increased from 5.09 million in 2010 to 6.1 billion last year, a 1,100-fold increase in 10 years.
Australian media 'The Conversation' evaluated, "K-pop is the most creative, dedicated and organized than any other fandom." The 'culture of tribute' aimed at stars met with the 'good influence' unique to the K-pop fandom and evolved into a civic movement such as various donations.
A representative example is the climate action platform ‘K-pop for Planet’, which was created in March. The US Billboard magazine said, "If it was a one-sided fan club culture in the past, it is growing into a 'partner' role where stars and fans coexist through the K-pop fandom."
