K-pop sales abroad last year jumped 34.3% from 2022 to break the KRW 1 trillion mark for the first time. Shown is K-Con Hong Kong 2024 in March last year at the AsiaWorld-Expo in Hong Kong. (CJ ENM)

By Park Hye Ri

Sales of K-pop items abroad have exceeded KRW 1 trillion for the first time.

The Korea Culture and Tourism Institute (KCTI) on July 24 released a report on K-pop sales overseas saying such turnover last year jumped 34.3% from 2022 to KRW 1.23 trillion.

Such revenue was calculated by adding the estimated sales of three areas: music product exports, overseas streaming services and performances abroad.

By sector, performances overseas accounted for the largest portion of sales with KRW 588.5 billion (47.6%).

The country's top six entertainment agencies including SM, JYP, YG and Hybe saw average annual growth of 35% from 2018 to last year.

As COVID-19 transitioned from pandemic to endemic last year, revenue from K-pop performances last year surged 65.6%.

Exports of music products reached KRW 388.9 billion (31.4%), 7.6 times the amount in 2017 of KRW 51.3 billion.

Breaking the KRW 100 billion mark for the first time in 2019, such shipments saw rapid growth to eclipse KRW 300 billion in 2022.

Streaming services saw KRW 260.3 billion (21%) in sales, 3.4 times the 2017 amount of KRW 76.8 billion. Such revenue rose not only on K-pop's top market of Asia but also saw diversification to other regions such as Europe and North America.

The KCTI said, "As K-pop's entry into overseas markets expands, it is worth noting the gradual growth of additional effects that contribute to the overall industry like a potential link with tourism in Korea and promotion of awareness of both Korea and its export products."

hrhr@korea.kr