S. Korea's music exports already at annual high by October
Updated: 2021-12-01 17:01:01 KST
The success of K-Pop overseas has not only boosted concert ticket sales and YouTube views.
Those factors, along with other music streaming services, have given Korea its best-ever music export figures this year.
Our Kim Do-yeon has the details.
2021 is already the best ever year for South Korea's music exports.
According to the Korea Customs Service the volume of exports stood at nearly 190 million U.S. dollars by October already surpassing last year's record 136 million U.S. dollars.
At this rate the export volume could even surpass the 200 million mark when it was only last year that the 100 million mark was topped.
Japan was the biggest customer among destination countries with China and U.S. following on the list.
The most notable increase was the U.S. market.
In 2012 the U.S.' share of export volume stood at 2.2 percent now it's above 17.
This indicates that more people overseas are streaming K-Pop music through local streaming services.
Just looking at the charts this year K-Pop sensation, BTS topped Billboard's Hot 100 for 10 weeks with "Butter".
The group's "Permission to Dance" and "My Universe" also spent time at number one.
Girl groups added to the volume by placing high on album charts.
Black Pink had an album reach the number two spot on the Billboard 200 for the first time while Twice and ITZY took third and eleventh place positions in the charts respectively during the year.
But South Korean music distribution companies say there are many more artists outside of the mainstream, that receive a lot of demand on streaming services.
In fact, according to reports one such distributor - Genie, said its profits
grew from around 10 million dollars in 2019 to nearly 18 million dollars in 2020.
Considering big names like BTS or Black Pink do not use these companies and only smaller labels distribute this way it shows that more stars are in line for future recognition.
Kim Do-yeon, Arirang News.