The US overcame China to become the second-largest K-pop music export market behind Japan, despite the fact that K-pop is becoming a genre in North America. K-pop album exports reached a new high in the first half of this year, demonstrating the genre’s inexorable popularity. According to the Korea Customs Service’s import and export trade figures released today (18th), album exports totaled 132.934 million dollars (approximately 168.5 billion won) from January to June of this year, a 17.1% increase over the same period last year. This is the highest for the first half of the year on record. In the first half of this year, Japan was the biggest export destination, accounting for 48,523,000 USD (about 61.5 billion won). There were also 25.519 million dollars from the United States (about 32.3 billion won) and 22.64 million dollars from China (about 28.7 billion won), among the so-called ‘Big 3’.
The Netherlands, Canada, the United Kingdom, Taiwan, Germany, Taiwan, Hong Kong, and France rounded out the top 10. Additionally, the United States, which is widely recognized as the world’s largest music market, surpassed China to take second position in music exports. Except for one year in 2020, China has been the second-largest album export market after Japan since 2012. With his solo album title song ‘Like Crazy,’ Jimin (BTS) became the first K-pop solo artist to enter and top Billboard’s primary single chart ‘Hot 100’ in the United States. Stray Kids and TOMORROW X TOGETHER also debuted at the top of Billboard’s main album list, the “Billboard 200.” BTS Jimin and Suga came in second, followed by Seventeen, Ateez, and Twice.
In Terms Of K-Pop Music Sales, The US Becomes The Second-Biggest Music Market Surpasses China
As Korea’s second-largest export market, the United States has overtaken China as the top market for K-pop albums this year. K-pop album exports hit an all-time high of US$132.93 million last year, an increase of 17.1% from the previous year, according to data released by the Korea Customs Service. Additionally, the United States emerged as a major player in the global K-pop business, demonstrating the genre’s expanding global importance. In an unexpected turn of events, the United States has eclipsed China as the second-largest market for K-pop records. With a total export value of $25.51 million, the United States maintained its second-place position behind Japan, which maintained its lead with $48.52 million in exports. This shift in rankings is notable, given that China held the second spot from 2012 to the preceding year, with the exception of 2020. The rise of the US market is especially significant because it is the world’s largest music market.
K-pop’s growing success in the United States demonstrates that the genre has crossed cultural barriers to become a worldwide phenomenon. The success of numerous K-pop musicians in the first half of this year emphasizes this global appeal even more. Despite the absence of BTS, the most popular K-pop band in history, from the music scene, K-pop stars have made significant achievements in the United States. Jimin, a member of BTS, became the first K-pop solo artist to debut at No. 1 on the Billboard Hot 100 Songs chart with his track “Like Crazy.” Furthermore, Stray Kids & Tomorrow X Together dominated the Billboard 200 chart with their albums, whereas BTS members Jimin and Suga, as well as groups Seventeen, Ateez, and TWICE, ranked second. Aside from the United States and Japan, several other countries made substantial contributions to the global popularity of K-pop albums. Despite falling to third place, China remained a significant market, with exports totaling $22.64 million. As for the top ten markets for K-pop albums over this period, Germany, Taiwan, Hong Kong, the Netherlands, Canada, the United Kingdom, and France were also among them.