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On July 24, 2024, BTS' Jin (Kim Seok-jin) made headlines for boosting K-pop's overseas sales by KRW 1.23 trillion ($889.12 million). His role as a torchbearer at the 2024 Paris Olympics increased K-pop sales in Europe.
According to Newsian, foreign K-pop sales rose by KRW 315.9 billion compared to 2023. Asia remains the largest foreign market for K-pop, accounting for 60.2% (KRW 156.6 billion) of the total overseas streaming sales.
However, based on region sales, Europe surpassed Asia and accounted for 42.7% and the United States accounted for 33.6% in terms of sales through streaming services. Meanwhile, Asia recorded a 14.7% sales in 2023.
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BTS Jin's upcoming debut solo album expected to increase K-pop's overseas sales
On July 24, 2024, the Korea Culture and Tourism Institute released a report titled 'K-pop Overseas Sales Trends Seen Through Data.' The report stated that in 2023, K-pop achieved sales of KRW 388.9 billion ($281 million) overseas through album product exports.
The success of BTS' solo projects, Stray Kids' ROCK-STAR and 5-STAR albums, LE SSERAFIM, and others is highlighted by their strong album sales. Overseas streaming sales totaled over KRW 260.3 billion ($188.1 million), and concert performances brought in KRW 599.5 billion ($433.4 million). Future sales projections from the Korea Culture and Tourism Institute show a 43% annual growth in the U.S. and a 48% annual increase in Europe.
Furthermore, the study showed a decline in album sales in 2023 by 7.6% and hopes to increase in 2024. HYBE stated a 72.6% decrease in its revenue in the first quarter of 2023 due to BTS' military enlistment. On Jly 17, 2024, Korea Custom Service recorded a 2% album sales drop in the first quarter of 2024.
Meanwhile, BTS' Jin returned from the military on June 12, 2024. The K-pop sensation is set to release his debut solo album in the upcoming months. JTBC News reported that Jin's return has left a positive impact on the K-pop industry. A week before his military discharge, HYBE saw an increase in its share price.
Additionally, a researcher at Daol Investment & Securities, Kim Hye-young, told JTBC News that the BTS idol's impending album release will expectedly increase further stock price. He said,
"BTS has strengths in terms of performance stability, which is different from existing entertainment industry practices, such as releasing a solo album even during their military service. BTS Jin was discharged from military service in June, and an album is expected to be released in the fourth quarter. From then on, the stock price is expected to rise due to expectations of a full group release."
In other news, BTS Jin is confirmed to star as a celebrity guest in MBC's variety show, The Half-star Hotel In Lost Island. However, the release date is yet to be announced.
