2024 K-pop Market Analysis: HYBE dominates in Japan & U.S., SM leads domestic market, JYP maintains balanced strategy.
A recent data-driven report by Space Oddity, released on February 25 KST, provides an analytical breakdown of the global performance of major K-pop boy groups from South Korea’s three leading entertainment companies—HYBE, SM Entertainment, and JYP Entertainment—as well as other prominent agencies. The findings highlight key market trends, growth trajectories, and consumer patterns across different regions.
HYBE: Expansion in the U.S. and Japan
• Key Boy Groups: SEVENTEEN, TXT (TOMORROW X TOGETHER), ENHYPEN
• Global Growth & Market Penetration
• SEVENTEEN saw a significant increase of over 100 million views compared to 2023, demonstrating continued global fandom expansion. The group maintains balanced market consumption across South Korea and Japan.
• TXT maintains a strong presence in Japan while steadily increasing its market share in the United States, reinforcing its global positioning.
• ENHYPEN recorded the steepest growth among HYBE’s boy groups, adding over 200 million views in 2024. Their increasing market share in the U.S. cements their position as a rising force in North America.
SM Entertainment: Strong Domestic Presence & Regional Stability
• Key Boy Groups: EXO, NCT 127, NCT DREAM
• Market Performance & Trends
• EXO continues to exhibit a solid fanbase, especially in South Korea, aligning with the trend observed among SM’s girl groups.
• NCT 127 remains strong in Korea, Japan, and the U.S., reflecting a well-established global fandom.
• NCT DREAM shows dominance in Asian markets, with high consumption rates in South Korea and Japan, reinforcing its regional popularity.
JYP Entertainment: A Well-Balanced Domestic & International Strategy
• Key Boy Groups: Stray Kids, DAY6
• Market Differentiation & Growth Patterns
• Stray Kids has strengthened its global presence, particularly in the United States, confirming the effectiveness of JYP’s international strategy.
• DAY6 continues to thrive in the domestic market, maintaining steady growth. The resurgence of band-oriented music trends in 2024 has further boosted their market standing.
Other Leading Agencies: Enduring Legacy & Rising Influence
• BIGBANG: Despite a prolonged hiatus, BIGBANG recorded over 200 million additional views in 2024, showcasing unwavering influence. Their domestic consumption rate (36.5%) remains high, with continued support from Japanese fans.
• ATEEZ: The group has expanded its global market presence, securing strong international fandom growth. Although their domestic consumption is relatively low, ATEEZ has firmly positioned itself as a leading global K-pop act.
• TREASURE: While their presence in Korea and the U.S. is moderate, their dominance in Japan remains unchallenged, highlighting a loyal and consistent Japanese fanbase.
New Generation Boy Groups: Fast-Paced Growth
• BOYNEXTDOOR: With 140 million+ new views in a year, the group is establishing a strong foothold in Korea and Japan, gradually expanding into global markets.
• ZEROBASEONE: Japan remains their key market, where they have witnessed significant growth.
• RIIZE: Among the new-generation boy groups, RIIZE has the highest growth rate. Their strong domestic fanbase, along with a rising presence in Japan, indicates a formidable position in the Asian market.
Conclusion: Diverse Strategies, Global Expansion & Market Adaptation
The 2024 K-pop industry landscape reflects diverse market strategies among the three major entertainment companies:
• HYBE is accelerating global expansion, particularly in the U.S. and Japan.
• SM continues to dominate the domestic market while maintaining a strong foothold in Asia.
• JYP has successfully built a well-balanced portfolio of both domestic and international-oriented boy groups.
Meanwhile, new-generation groups are rapidly establishing themselves, shaping the next wave of K-pop. As fan engagement patterns and regional preferences evolve, companies are expected to further refine their global strategies to maximize growth and influence in the ever-expanding K-pop industry.
SHARE
