BTS’ Jin boosts K-pop’s overseas sales to KRW 1.23 trillion with Paris Olympics torch role

On July 24, 2024, BTS' Jin (Kim Seok-jin) was reported to have significantly influenced K-pop’s international sales, reaching KRW 1.23 trillion ($889.12 million). 

His participation in the 2024 Paris Olympics torch relay has notably increased K-pop sales across Europe.

Newsian highlighted a KRW 315.9 billion increase in foreign K-pop sales from 2023. Asia continues to dominate as the largest market for K-pop, contributing 60.2% (KRW 156.6 billion) of the total overseas streaming revenue. 

However, Europe surpassed Asia with a 42.7% share, while the US accounted for 33.6% of the streaming sales. Asia had recorded a 14.7% share in 2023.

The Korea Culture and Tourism Institute’s report, released on July 24, 2024, titled 'K-pop Overseas Sales Trends Seen Through Data,' indicated that K-pop’s overseas album exports generated KRW 388.9 billion ($281 million) in 2023. 

This success is underscored by strong album sales from BTS' solo ventures, Stray Kids' ROCK-STAR and 5-STAR albums, LE SSERAFIM, and others. Overseas streaming sales amounted to over KRW 260.3 billion ($188.1 million), with concert revenues reaching KRW 599.5 billion ($433.4 million). Future projections anticipate a 43% annual growth in the US and a 48% increase in Europe.

Despite a 7.6% decline in album sales in 2023, there is optimism for a rebound in 2024. HYBE reported a 72.6% revenue decrease in Q1 2023 due to BTS’ military service. The Korea Customs Service noted a 2% drop in album sales for Q1 2024. 

Jin’s return from military service on June 12, 2024, is expected to further boost K-pop's fortunes. JTBC News reported a rise in HYBE’s share price ahead of Jin's solo album release, anticipated later this year. 

Kim Hye-young from Daol Investment & Securities stated, "BTS has strengths in terms of performance stability... BTS Jin was discharged from military service in June, and an album is expected to be released in the fourth quarter. From then on, the stock price is expected to rise due to expectations of a full group release."

In additional news, Jin is confirmed to appear as a guest on MBC’s variety show, The Half-star Hotel in Lost Island, with the release date pending.