This photo provided by Cube Entertainment on Aug. 3, 2020, shows K-pop girl group (G)I-dle performing on stage at a media showcase in Seoul for its new single album “Dumdi Dumdi.”
SEOUL, Nov. 15 (Korea Bizwire) — The K-pop market is booming once again as South Korea’s ‘With Corona’ scheme is leading to an increasing number of festivals.
K-pop girl group Oh My Girl is making an appearance at a college festival at Yeungnam University in Daegu this Thursday, following their performance at Myongji University in Seoul last week.
It is their first in-person performance at a university in two years after COVID-19 put a halt to college festivals.
Unlike boy bands that generate most of their revenue by selling millions of albums to a solid fan base, girl groups rely mostly on festivals for profit.
“Girl groups aren’t expected to make a profit from selling albums,” an industry source said.
The pandemic, therefore, has hurt all girl group agencies as festivals and concerts came to a halt.
The Financial Supervisory Service reported that management sales of RBW Entertainment, a talent agency for all-female group Mamamoo, stood at 5.8 billion won (US$4.92 million) last year, which was 26.5 percent less than a year earlier (7.9 billion won), prior to the pandemic.
“Competition is intensifying to make reservations at concert halls as management companies are scrambling to roll out delayed performances,” an official at a K-pop agency said.
“Everyone is trying hard to win new contracts for various festivities that are making a comeback.”
Ashley Song (ashley@koreabizwire.com)
