K-pop

Background

K-pop, an abbreviation for Korean pop music, is a global phenomenon that emerged in its modern form in the 1990s. Since then, K-pop artists, commonly known as idols, have garnered large international fanbases, smashed industry records, and turned K-pop into a multi-billion-dollar industry now valued at around $10B.

Various genres, including rock, rap, and pop, inspire K-pop's sound and style. Known for its high energy, K-pop typically boasts bright colors, synchronized choreography, and catchy upbeat songs.

Rise

In the 1990s, South Korea experienced a cultural transformation marked by economic potential and increased optimism. To avoid the financial woes other Asian countries faced during the decade, the country’s government began to capitalize on cultural influence and invested millions of dollars into forming a Ministry of Culture with a specific department devoted to K-pop.

The beginning of K-pop as we know it is often traced to the debut of Seo Taiji and Boys. The three-piece boy band’s unprecedented hip-hop tunes and look strayed from the traditional melancholic pop that previously dominated the country, and paved the way for a novel approach inspired by international acts.

The movement continued to develop throughout the 2000s, with the influx of idol culture and its crafted, glossy public image. In 2012, “Gangnam Style” by rapper Psy became the first video to reach 1 billion views on YouTube, a milestone that helped usher in hallyu—a term that describes the global appetite for South Korean coolness. The hit song opened the gates for K-pop and other cultural products from South Korea, like K-dramas, skincare, and barbecue.

Idols

BTS, often called the world’s biggest boyband, is a cultural juggernaut that’s become recognizable in households worldwide. Before their recent hiatus for mandatory military service, the band reportedly held a net worth of around $3.6B and accounted for 0.3% of South Korea's GDP.

Their dominance in the US is typically traced back to their 2017 Billboard Music Awards win of Top Social Artist. Three years later, the group was named Entertainer of the Year by Time and became the first all-Korean act to top the Billboard Hot 100 chart with their English single, “Dynamite.”

Blackpink is another notable titan of the K-pop industry. In 2023, the four-piece act became the first all-female band to headline the California music festival Coachella. SM Entertainment, JYP Entertainment, YG Entertainment, and HYBE Corporation–known as the “Big Four”–are K-pop agencies that recruit, train, and manage these idols.

Public auditions for idols occur year-round, and only a lucky few move forward. Idol life is notoriously strict and demanding, with recruits under pressure to maintain high beauty standards, perform at an expert level, and present a wholesome image without scandals, drugs, or even relationships.

Future

While K-pop remains hugely popular, its commercial success and abundant influence are not necessarily reflected in the share prices of the genre’s talent agencies. The Big Four’s declining earnings are partially attributed to BTS’s hiatus and the members of Blackpink deciding to pursue solo projects outside their YG label.

Domestic hype has also gone down, with South Korean fans losing interest. Despite these upsets, the highly anticipated return of BTS in 2025, is expected to bring a resurgence of engagement.