The industry surrounding K-pop, characterized by iconic groups like BTS and Blackpink, is a global phenomenon that has captivated millions of fans worldwide, including Indonesians. With BTS claiming 43% of the vote for favorite K-pop boyband and Blackpink securing a whopping 53% for favorite K-pop girlband (Muniyo Quick Polling), their dominance in the industry is undeniable.

In 2019 alone, BTS contributed a staggering $4.65 billion to South Korea’s economy, equivalent to 0.3% of the nation’s GDP. This underscores the economic powerhouses that K-pop acts have become. Central to this success are the multidisciplinary entertainment companies like Hybe, SM Entertainment, JYP Entertainment, and YG Entertainment, which function as intricate machines overseeing every aspect of their artists’ careers (rolandberger.com).

The key to K-pop’s success lies in its industrialized approach to fandom engagement. Unlike traditional pop musicians, where fans are passive consumers, K-pop treats fans as integral parts of the project. This exemplified by platforms like Weverse, which provide exclusive content and merchandise to fans while owning and controlling fan data internally. Crucially, K-pop companies are not afraid to embrace technologies and opportunities strategically. For instance, YG Plus, a branch of YG Entertainment, has partnered with metaverse studio Karta to create Roblox experience centered around Blackpink (musicbusinessworldwide.com).

Beyond its economic impact, K-pop has also emerged as a potent soft power tool for South Korea, bolstering its cultural influence on the global stage. The government has actively supported the promotion of Korean cultural products as a means of enhancing the nation’s image and boosting its economy (Park, 2023). This strategic investment is exemplified by discussions surrounding exemptions from national service for members of BTS, reflecting their status as international cultural ambassadors (worldfinancialreview.com).

#K-pop #K-popIndustry #BTS #Blackpink #MarketResearch #MarketResearchCompany #ResearchMarket #OnlineSurvey #ResearchOnline #Research #AcuityHub #Muniyo