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The South Korean music streaming market is booming. In just four years, it nearly doubled from $692 million in 2019 to $1.318 billion in 2023. This growth represents a significant 90.5% increase. South Korea is now a key player in the global music landscape. Its digital music market is about twice the size of Japan’s, a country known for its rich musical heritage.
Looking ahead, projections indicate that the streaming market will continue to expand. By 2027, it is expected to reach $1.67 billion. This growth presents exciting opportunities for artists, especially in the K-Pop genre. However, a critical issue remains: the distribution of royalties to copyright holders is significantly lower in South Korea than in other developed countries. Currently, South Korean copyright holders receive only 10.5% per song. In contrast, their counterparts in the U.S., U.K., and Germany receive higher rates of 12.3%, 16%, and 15%, respectively.
The revenue share retained by streaming platforms in South Korea complicates the situation further. These platforms keep a substantial 35% of revenue, which is higher than the shares retained by platforms in the U.S. (29.4%), U.K. (29%), and Germany (30%). This figure is also significantly higher than Japan’s 22%. Such disparities highlight the urgent need for a reevaluation of revenue distribution policies. Fair compensation for artists and copyright holders is essential.
In response to these challenges, the Korean Music Copyright Association has raised concerns about unfair revenue distribution. They are actively advocating for policy changes to improve the situation. Their call to action emphasizes the need to increase royalty rates and implement measures that better protect the rights of creators in the vibrant South Korean music scene.
As the market continues to grow, addressing these issues becomes increasingly urgent. Artists like E-Young, Kang EunYoung, and Choi YeYoung are making waves in the K-Pop industry. Popular shows like ‘We K-Pop’ showcase emerging talents, highlighting the immense potential of South Korea’s music sector. However, without a fair and just system for revenue distribution, these artists may struggle to receive the recognition and compensation they deserve.
The future of South Korea’s streaming music market is bright, but it hinges on a commitment to equitable practices. This commitment is essential to honor the contributions of all those involved in the music industry. The Korean music industry must adapt to global trends and challenges to ensure its artists thrive. By addressing the issues of royalty distribution and advocating for fair compensation, South Korea can solidify its position as a leader in the global music scene.
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.
English (US) · 