“King of New Generation!”: Fans laud as BTS’ Jungkook gets featured on the introduction page of the esteemed IFPI Global Music Report 2024

BTS member Jeon Jungkook once again made his fans proud as he was featured on the esteemed IFPI Global Music Report 2024 introduction page. For the unversed, over a long time, the IFPI Global Music Report has been considered the authoritative picture of the state of the global music business, or lack thereof.

The study from the international trade group for the recorded music business has documented the industry's protracted and alarming physical deterioration while also praising its recent surge in growth driven by streaming services such as Spotify, Apple Music, and more.

However, the significance of Jungkook being featured on its first page is a call to his success after releasing his solo album GOLDEN. Additionally, the BTS artist is the only K-pop artist to have found success in the Top 5 music streaming platforms in 2023, covering over 80% of the global platforms with his songs.

The organization that symbolizes the global recording industry, IFPI, reported that paid streaming customers accounted for a major portion of the 10.2% rise in global recorded music sales in 2023. The overall trade sales exceeded US$28.6 billion, marking the ninth continuous year of increase, according to figures presented today in the IFPI Global Music Report.

As a result, fans were thrilled to see BTS' Jungkook grace the entire page as IFPI published its latest findings about the music industry.

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IFPI reports a growth of 48.9% in subscription streaming worldwide, highlighting Jungkook's massive success

Most of the increase in his revenue and the market share overall were attributed to streaming income. Just subscription streaming income increased by 11.2%, accounting for 48.9% of the global market. Indeed, the numbers present a nearly universally positive image of a well-run company.

With household penetration ranging widely by nation, there are over 667 million users of paid subscription accounts for music streaming services, having crossed 500 million for the first time in 2023. This brings forth Jungkook's massive streaming success as the only K-pop soloist to surpass over 5.2 billion plays across all credits and over 2.9 billion streams and plays on GOLDEN.

Meanwhile, the premium report by IFPI stated that every region of the world saw growth, with the most significant rises occurring within emerging music markets in the Middle East and North Africa (+14.4%), Asia (+14.9%), Latin America (+19.4%), and Sub-Saharan Africa (+24.7%), and continued growth taking place in established markets like the U.S. & Canada (+7.4%), Europe (+8.9%), and Australasia (+10.8%).

Billboard reported that in 2023, the United States and Canada had a 7.4% increase in music recording revenues, making up the most significant portion of the worldwide market (40.9%). Revenues increased more quickly than they did in 2022 (+5.1%). The world's most lucrative audio recording market, the United States, saw a 7.2% increase in revenue and Canada's 12.2% increase.

This brings attention to over 1 million unit sales in the United States of Jungkook's debut solo single SEVEN (feat. Latto), which earned him platinum status from the Recording Industry Association of America (RIAA). The song also earned him his first MTV Video Music Awards (VMAs) on September 12, 2023—a first for a Korean male solo act.

Furthermore, IFPI reported that Europe continued to be the second-largest area globally for recorded music revenues in 2023, accounting for more than a quarter of worldwide revenues (28.1%) following an 8.9% revenue gain. The three largest markets in the area, Germany (+7.0%), France (+4.4%), and the United Kingdom (+8.1%), all had robust growth.

Jungkook's strong fan following in European countries has always been discussed on the news, enabling him to win the MTV Europe Music Awards in November 2023 through fan voting. Jungkook won two grand awards at the MTV Europe Music Awards for the Best K-Pop and Best Song categories.

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Additional worries went beyond the successful numbers when the executives from Universal Music Group (UMG), Sony Music Entertainment, Warner Music Group, and the Indie Embassy of Music joined the stage as part of the IFPI panel. Also, UMG named Jungkook the only K-pop soloist listed on the top album sellers of 2023 Q4.

Given the ongoing conflict between Universal Music Group and TikTok, the potential for the app to be banned in the United States, and other factors, music recording industry experts are worried about its implications on the streaming and the artists.