March 26, 2023 4:10 pm

Chairman Bang Si Hyuk of HYBE Corporation presented a organization outline for the “Future of K-Pop” through a forum hosted by Kwanhun Club on March 15 at Seoul Press Center. 

On this day, through his lecture on the sustainability of the K-Pop market, Bang Si Hyuk warned market leaders that this was not a time to “celebrate” the globalization of K-Pop, but alternatively, recognize the “dangers” lying ahead while preparing for the future. 

“If you evaluate K-Pop to the previous, positive, the market has created worthwhile progress. But if you appear at the worldwide music market as a complete, there are nevertheless numerous mountains to climb,” Bang Si Hyuk started. 

“If you appear at the K-Pop companies forming the foundation of this market, all of these providers with each other occupy significantly less than two% of the income shares of the worldwide music market. But if you appear at the main three music providers of the globe, Universal Music Group, Sony Music Group, and Warner Music Group, each and every corporation occupies 15~30% of the whole industry’s income shares. With each other, with their immense influence, these 3 giants occupy as significantly as 67.four% of the revenues of the worldwide music market. In other words, the K-Pop market is nevertheless just a ‘David’ amongst 3 ‘Goliath’s,” the businessman and producer continued. 

Bang Si Hyuk then went on to point to trends indicating a current lull in K-Pop’s development in regions across the globe, such as the United States and Southeast Asia, specifically compared to information from 2021. 

“For our Korean entertainment providers to compete in excellent faith with top rated tier providers about the globe, whilst preserving and expanding the indigenous qualities and capabilities of K-Pop, the market itself demands to offer you some thing extra than the freshness of a new player in the field. Just as ‘Samsung‘ has its location in the worldwide semiconductor market, and ‘Hyundai‘ has its location in the worldwide automobile market, K-Pop has arrived at a point exactly where the emergence of a global entertainment powerhouse, which can break via the present barriers and play a crucial function in the genre’s overall development, is necessary,” chairman Bang explained. 

Bang additional commented, “As somebody who has witnessed the worth and power of this industry being built and made by various artists, producers, and employees via their blood, sweat, and tears, I do not want for it to basically disappear with the passing of time, only for it to grow to be someone’s ‘memories’.”

According to Bang Si Hyuk, the absence of BTS’s group promotions is a essential aspect contributing to what he believes is an “threatened” era of the K-Pop market. The producer claimed, “The IP influence held by BTS worldwide is just incomparable. BTS’s worldwide attain is broader than that of the K-Pop market on its personal, and if you take BTS out of that market, its size decreases tremendously. So the reality that BTS will be absent as a group from this market is a good contributor. And the correct threat we can perceive from that is that even if BTS have been to resume their group promotions tomorrow, there is no assure that the market will recover the similar influence and attain.”

Right here, Bang added on, “We want to obtain a way to sustain K-Pop’s development, even in BTS’s absence. It will be really complicated to obtain 1 certain explanation, 1 certain resolution. The sale of music happens when shoppers behave as shoppers of culture. It is needed to analysis and assess what elements influence shoppers of unique regions, unique nations. We’ve noticed via the BTS trickle-down impact how worldwide shoppers come in make contact with with K-Pop. We ought to use fan platforms as the make contact with point via which extra K-Pop artists can enter the worldwide market place, and nurture the awakening of dormant fandoms worldwide.” 

Ultimately, Bang Si Hyuk relayed, “With faith in the worldwide capacity of K-Pop, which I’ve witnessed all through the final ten years as I worked alongside artists, market leaders, and fans, I hope that men and women will assistance the good challenges that David has taken against the Goliaths. With duty, I will take the lead in starting these efforts to assure that men and women all more than the globe can delight in the music and the contents created by our nation for years to come.” 

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