SEOUL, Nov. 17 (Korea Bizwire) — On the back of the increasing fandom of K-pop idols throughout the world, South Korea’s music album market is growing at a blistering pace, with sales of music albums estimated to have already exceeded the 30 million mark this year.
According to the Gaon Chart run by the Korea Music Content Association, the sales of the music albums that ranked within top 100 in October totaled 6.6 million.
“The sales of music albums that ranked within top 400 in the January-September period of this year stood at about 26 million. Including October sales, this year’s album sales have exceeded the 30 million mark,” said Kim Jin-woo, a senior analyst at Gaon Chart.
The expansion of the music album market is now being led by top-ranking K-pop groups that are showing record-breaking album sales. Three million-seller albums were born in October alone.
The primary reason behind the explosive growth in sales of music albums is the fact that the fans of K-pop idols are viewing albums not as a means to listen to music but as the subject of personal possession.
In particular, as offline fan activities such as participation in concerts have been limited in recent days due to the spread of the COVID-19 pandemic, fans of K-pop idol groups are showing increasing desire to buy their music albums as part of the so-called ‘revenge consumption’ phenomenon.
The existing marketing strategy of giving fans who buy more albums better chances to be able to attend autograph sessions is updated in the times of COVID-19. Online autograph sessions through video calls has emerged as a new marketing strategy.
M. H. Lee (firstname.lastname@example.org)