SEVENTEEN Leads 2024 K-pop Album Sales Amid Industry Challenges

The K-pop industry has experienced explosive growth over the past decade. However, in 2024, it faced a significant setback with album sales dropping by 17.4%. This decline totaled 98.4 million copies sold, marking a major change in a market that previously grew steadily.

Domestic sales within South Korea fell to 81.95 million, down from 102.99 million in 2023. Meanwhile, exports of physical albums saw a slight increase of 2.1%, reaching 16.43 million copies. This accounted for 16.7% of total sales. In 2023, K-pop had a record-breaking year, with physical album sales soaring to 190.8 million copies. Cumulative sales surpassed the 100 million mark for the first time, making many analysts optimistic about the future.

SEVENTEEN’s ‘Spill The Feels’ Dominates 2024 Album Sales

SEVENTEEN’s EP ‘Spill The Feels’ emerged as the best-selling album of 2024, selling an impressive 3.18 million copies. Their compilation album, ’17 is Right Here,’ closely followed, with over 3.15 million copies sold. Emerging artists like IVE also made waves, entering the yearly album chart with their EP ‘IVE Switch,’ which ranked at No. 9. Another rising group, aespa, followed closely at No. 11.

Despite these successes, the overall decline in album sales can largely be attributed to reduced demand within South Korea. This highlights a growing gap between domestic and international markets. As K-pop continues to expand globally, the industry must navigate these shifts carefully to sustain its momentum.

Reasons Behind the Decline in K-pop Album Sales

The decline in album sales may stem from various factors. Digital streaming has become more popular, changing how fans consume music. Many fans now prefer streaming services over purchasing physical albums. Additionally, the market is becoming saturated with new groups, making it harder for any single group to maintain dominance.

Future Strategies for K-pop Growth

To address this decline, the K-pop industry can adopt several strategies:

• Embrace digital platforms for promotions to reach wider audiences.
• Collaborate with international artists to boost exposure.
• Engage fans through social media to build loyalty and increase album sales.

K-pop’s global influence continues to grow, but the industry must adapt to changing consumer behaviors. Industry experts believe that by focusing on both international and domestic markets, K-pop can regain its momentum and thrive in the coming years. The evolution of K-pop fashion trends and the role of music videos in promoting artists also play a crucial part in this dynamic landscape.

This article has been written by Kpopmap AI writer and while we have made efforts to ensure the accuracy of the article, there may be errors or inaccuracies.