Sth. Korea Population

1 COUNTRY South Korea: statistics PROFILE MARKET PROFILE 19.02.21 ❱Sth. Korea Population... 51.7m GDP (purchasing power parity)... $2.2 trillion GDP per capita (PPP)... $28,941 Mobile/cell phone subscriptions... 69.4m Smartphone users... 48.9m Internet users - total... 49.3m Broadband connections... 21.3m Broadband - subscriptions per 100 people... 41 Sources: CIA World Factbook / Statista South Korea’s music business remains BLACKPINK buoyant in 2021, with digital music in has in many countries, due to restrictions on particular on the rise - despite K-Pop fans’ Music consumption physical retail. But this has not necessarily enduring love of physical goods in Korea was growing been the case in South Korea, with some reports claiming that physical music sales before the pandemic actually increased in 2020. THE SOUTH KOREAN MUSIC INDUSTRY of concerts and fan meet ups due to the hit and has continued looks set to record another year of growth pandemic “seems to have aided K-Pop Whatever the case, 2020 looks certain to when 2020’s year-end figures are totted up, album sales because the fans didn’t have to grow during it. As have been another of digital growth for the with devoted K-Pop fans reacting to the shut any other choice”. “Buying albums was the working from home South Korean recorded music business, down of the live music industry by buying only way to show support for a while,” he which saw digital revenue increase by more and streaming more of their idols’ music. added. Encouragingly, the second half of became the norm for than 60% in 2019. “Music consumption in 2020 was expected to be equally strong many, people spent Korea was growing before the pandemic hit The Gaon Chart, produced by the Korea - if not stronger - than the first, thanks to and has continued to grow during it,” says Music Content Association and sponsored by new releases from local superstar acts like more time on their Clayton Jin, CEO, Warner Music Korea. South Korea’s Ministry of Culture, Sports and BLACKPINK, NCT and Seventeen. computers and mobile Tourism, reported a 40% rise in album sales “As working from home became the norm in the first half of 2020, with the country’s When the year’s final figures are released, devices, driving up for many, people spent more time on their top 400 albums selling 18.08 million copies it will be fascinating to see the break down consumption...” computers and mobile devices, driving up (including exports). This was up 40% on between physical and digital sales. According consumption. Digital marketing for artists the first half of 2019 and the highest figure to one local source, citing IFPI figures, 2019 and their songs has taken an even more recorded at this stage since Gaon started saw revenue from physical music drop for central role as offline exposure has all but compiling charts in 2010. the first time in four years in South Korea, shut down.” report down 6.0%, even as overall recorded music Clayton Jin, Kim Jin-woo, chief researcher at Gaon, told income increased 8.2%. You might expect the Warner Music Korea Jin says that K-Pop fans are still devoted The Korea Herald, that the cancellation pandemic to further slow physical sales, as it to the physical product. “But they’ve also the 2 COUNTRY PROFILE MARKET PROFILE 19.02.21 ❱South Korea continued... Source: IFPI Music Listening 2019 become passionate streamers,” he explains, product, but other, fast-increasing, local FAVOURITE MUSIC GENRE “hoping to contribute to their artists’ success genres such as hip-hop are much more IN SOUTH KOREA stories by heavily consuming their music on skewed to digital consumption.” 1 K-pop DSPs. K-Pop is one of those genres where the release schedule can impact the whole Listening activities Into this buoyant digital market comes 2 Pop market when it comes to physical sales.” Spotify, which launched in South Korea (without a free tier) in February 2021, full 3 K-Trot We should not let the global success of of hope. Alex Norström, Spotify’s chief K-Pop blind us to the importance of other freemium business officer, said that the 4 Classical / opera musical genres in Korea: one of the break-out 62% launch “presents a massive opportunity for hits of 2020 was tenor Kim Ho-Joong, whose 52% us to not only further our mission of bringing 5 R&B album of classical music, The Classic Album, new and quality content to more audiences, 36% sold 1m units last year including half a million but also help local Korean artists tap into 6 Soundtracks pre-orders of the physical release. Spotify’s 320 million listeners worldwide”. 7 Rock “Changes in physical consumption are linked Spotify has, undoubtedly, helped to spread Relaxing at home In the car to trends in the local music scene,” says commute to On my work/school/college Korean music globally, launching its first Dance / electronic Jin. “K-Pop idols still shift a lot of physical K-Pop flagship playlist, K-Pop Daebak, in 8 2014, followed one year later by a dedicated NCT Christian / gospel K-Pop hub. But the Swedish service will face a 9 stiff battle in a South Korean streaming market Hip-hop / rap where local DSPs like Melon, Genie Music and 10 Flo are so well established. (A recent report by Korean news site Pulse explained that Melon has a 40.3% share, Genie 24.6%, Flo 17.7% and YouTube Music 5.7%.) At the same time, some local observers believe that Spotify’s South Korean service needs to improve its range of local music. Overall, though, as you might expect, Jin is optimistic for the South Korean music market. “I think the final figures will show that digital revenue increased during 2020, offsetting any falls in the physical market,” he concludes. “As we hopefully emerge from the pandemic, I think you’ll see some report big physical releases that were put on hold go ahead and that should boost the market this year.” the.

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