2024 K-pop Market Report: HYBE Takes the Lead in U.S. and Japan, SM Holds Strong in Korea, JYP Stays Balanced
Space Oddity's latest data-driven analysis, released on February 25 KST, delves into the global performance of major K-pop boy groups from South Korea's leading entertainment giants—HYBE, SM Entertainment, and JYP Entertainment—along with other notable agencies. The report sheds light on crucial market trends, growth patterns, and consumer behaviors worldwide.
HYBE: Conquering U.S. and Japanese Markets
- Featuring SEVENTEEN, TXT (TOMORROW X TOGETHER), ENHYPEN
- Global Expansion & Market Reach
- SEVENTEEN witnesses a remarkable surge of over 100 million views from 2023, indicating a continuous rise in global fandom. The group's popularity spans South Korea and Japan.
- TXT solidifies its presence in Japan and sees a steady market share growth in the United States, establishing a global footprint.
- ENHYPEN experiences the most rapid growth among HYBE's boy groups, adding over 200 million views in 2024. Their expanding influence in the U.S. solidifies their status as a rising North American powerhouse.
SM Entertainment: Dominate at Home, Stable Regionally
- Featuring EXO, NCT 127, NCT DREAM
- Market Performance & Patterns
- EXO retains a loyal fanbase, particularly in South Korea, echoing the trend seen in SM's girl groups.
- NCT 127 maintains a strong presence in Korea, Japan, and the U.S., showcasing a well-established global fan following.
- NCT DREAM excels in Asian markets, with high consumption rates in South Korea and Japan, reinforcing their regional appeal.
JYP Entertainment: A Winning Strategy Both Domestically and Internationally
- Featuring Stray Kids, DAY6
- Market Growth & Differentiation
- Stray Kids strengthens their global presence, especially in the United States, showcasing the success of JYP's international approach.
- DAY6 continues to thrive in the local market, sustaining steady growth propelled by the revival of band-oriented music trends in 2024.
Other Notable Agencies: Enduring Impact and Rising Influence
- BIGBANG: Despite a hiatus, BIGBANG logs over 200 million additional views in 2024, underscoring their enduring influence. Strong support from Japanese fans keeps their domestic consumption rate high at 36.5%.
- ATEEZ: This group expands its global reach with robust international fandom growth. While domestic consumption is moderate, ATEEZ solidifies its position as a top global K-pop act.
- TREASURE: With a stronghold in Japan and moderate presence in Korea and the U.S., TREASURE maintains unwavering popularity in Japan.
Emerging Boy Groups: Rapid Growth
- BOYNEXTDOOR: Gaining over 140 million new views, the group cements its presence in Korea and Japan, eyeing global expansion.
- ZEROBASEONE: Focused on Japan, the group witnesses significant growth in its key market.
- RIIZE: Leading the new-gen pack in growth rate, RIIZE boasts a strong domestic following and rising traction in Japan, positioning them as a significant player in the Asian market.
In Conclusion: Diverse Strategies, Global Reach, and Market Agility
The 2024 K-pop landscape showcases varied market approaches among the top three entertainment companies:
- HYBE expands globally, with a notable presence in the U.S. and Japan.
- SM retains dominance in the local market and strong regional influence in Asia.
- JYP strikes a balance with a diverse portfolio of both local and internationally-oriented boy groups.
With new-generation groups on the rise, the future of K-pop looks promising. As fan interactions and regional tastes evolve, companies are poised to refine their global strategies to maximize growth and influence in the flourishing K-pop industry.
#ATEEZ made history as the first K-pop act to grace La Défense Arena in France.