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South Korean media outlet Sports Today discussed BTS and its influence on the K-pop industry. On February 20, 2024, a news report surfaced online that mentioned a "K-pop crisis" that stemmed from BTS's absence due to the group's mandatory enlistment service of almost two years.
Sports Today reported that the structure of the K-pop fandom is centered around the core fanbase and is not scalable due to casual fans. The report further highlighted these factors, along with concerns raised about the state of the K-pop business due to negative developments in several Southeast Asian markets, particularly China.
As a result, the news report was widely circulated online, and fans joined the conversation to share their take, as one fan wrote on X that there was "NO NEXT BTS."
"In conclusion, without BTS K-pop is irrelevant": Fans unanimously chime in their opinions on X
The Music Association highlighted the potential for growth in the K-pop business. Numerous representatives highlighted the business's challenges as the K-pop industry grows.
According to Yonhap News, HYBE Corporation disclosed its third-quarter net profit on November 2, 2023, which was 5.9% more than the previous year at 98.6 billion won (US$73.3 million) owing to BTS' solo projects. The firm reported in a regulatory statement that its operating profit for the quarter was 72.7 billion won, up from 60.6 billion won the year before.
Suga's solo D-DAY world tour, which included 28 concerts, earned an incredible $57.2 million, making it the highest-grossing tour by a solo artist in both K-pop and American history. HYBE's increased revenue was also largely due to Jimin's solo album release FACE, J-Hope's On The Street, and Namjoon's collaboration with So!YoON, Taehyung's Layover, Jungkook's GOLDEN, among others.
According to Yoon Dong-hwan, Chairman of the Korea Music Label Industry Association, 2023 was a year when the hard work and dedication of artists and production businesses paid off. The epidemic had limited overseas reactions to the web and music businesses; as a result, the offline and performance sectors grew rapidly.
Sports Today reported that Chairman Yoon declared that BTS songs like Dynamite and Butter were established as hit songs and that Billboard and the Grammys welcomed them. This achievement was an unthinkable dream before, but it offered a peek at endless possibilities.
Furthermore, according to Choo Chu-yeol, president of the Korea Music Copyright Association (KOMCA), the international impact of K-pop is benefiting not just the music and cultural sectors but several other areas, including tourism and enhancing the country's image.
For instance, BTS member Taehyung was made the Honorary Tourism Ambassador for the Seoul Tourism campaign in 2023, which amassed over 500 million views on YouTube (all formats combined).
Bangtan admirers presented a united front, hailed the group's global influence on X, and reacted to Sports Today's report.
Earlier, on February 22, 2022, HYBE recorded profits from online and live performances of 1 trillion KRW ($838,399,200) in the previous year in the Q4 2021 revenue report. It became the first music agency in Korea to accomplish it.
BTS members are expected to return from their military service and resume group activities in June 2025. Industry insiders believe that K-pop still has space to grow and spread abroad despite the band's absence and that the world audience will continue to appreciate them.
