In 2022, there were around 33.6 thousand companies active in the South Korean music industry. This represents a decrease compared to the previous year. The number of businesses peaked in 2016 at around 37.5 thousand.

In 2023, the K-pop industry achieved an estimated sales of around 1.24 trillion South Korean won overseas. This is the first time global sales have surpassed one trillion won. The biggest sector that year was the performances sector, which contributed about 589 billion won, almost 48 percent of the total sales value that year. However, all sectors saw growth compared to the previous year. In the same year, physical albums sold domestically as well as those sold abroad by certified sellers reached an all-time high.

In 2022, the music production sector of the South Korean music industry posted sales totaling over four trillion South Korean won. It was the most successful sector in terms of sales, followed by online music distribution and karaoke.

According to a 2023 survey conducted across 26 countries, nearly 50 percent of respondents stated that the genre K-pop was “very popular” in their country. The popularity was at the point where K-pop was known to the general public and related products were being sold. The survey found that the popularity of K-pop reaches far beyond South Korean borders.

K-pop industry

K-pop is a genre of South Korean popular music. Although the term includes music of a variety of stylistic origins, it is often associated with so-called K-pop idols. Idols are usually young individuals, who are known for being good-looking, fashionable, highly trained in singing and dancing, as well as having an almost perfect image. They often make their debut in boy or girl groups, who promote their songs with music videos that feature intense choreographies. The most successful groups are often signed under South Koreas biggest agencies, were they undertake strict training before they make their debut. The K-pop entertainment company with the highest sales revenue in 2022 was HYBE, who manage multiple successful idols and labels, including global stars BTS.

K-pop is constantly growing

While the majority in Western countries have not heard about K-pop before PSY’s ‘Gangnam Style’ in 2012, Korean pop idols started to become famous in Asian countries in 2003. Singer BoA and boy group TVXQ became the first K-pop idols to successfully break into the Japanese market. With the support of the South Korean government, who saw the industries economic potential, the so-called Korean wave (hallyu) started to spread even further, and K-pop gained a global audience. Girl group BLACKPINK was the first K-pop band to headline the famous U.S. music festival Coachella in 2019. With BTS currently on hiatus due to military obligations, and album sales exploding, SEVENTEEN and Stray Kids have pulled ahead to become the biggest active boy groups in South Korea currently.

In 2023, the South Korean music industry imported content worth almost 17 million U.S. dollars. This represents an increase compared to the previous year. This was the highest import value recorded since 2006.

In 2022, the export value of the music industry in South Korea amounted to around 927.6 million U.S. dollars.

K-pop

The main export in the South Korean music industry is K-pop. Korean pop music has been increasingly popular all around the world. In 2022, a survey conducted in 26 countries across the world found that around 46 percent of respondents considered K-pop to be very popular in their country. The most popular K-pop stars worldwide were the boy group BTS.

Music in South Korea

While K-pop is known for being successful outside of South Korea’s borders, Korean music is of course also enjoyed domestically. A 2023 survey found that ballads and K-pop were the most popular music genres in South Korea. The most popular way of listening to music in 2023 was via one's smartphone, by streaming or downloading music. While the South Korean music streaming industry was previously dominated by a handful of domestic streaming services, most notably Melon, YouTube was the most popular music streaming service in 2023.

In 2023, overseas K-pop album sales achieved an export sales index of 451.4 points, the highest among the three sectors. This was closely followed by overseas performances, at 448.7 points. The latter was the only sector that dropped below the base year 2018, though it recovered quickly. That year, physical albums sold domestically as well as those sold abroad by certified sellers reached an all-time high.

In 2021, the sales revenue of the music industry in South Korea totaled around 11 trillion South Korean won. This represents an increase of around 17.5 percent since the previous year. The music industry accounted for 7.3 percent of the total sales revenue of the domestic content industry that year.

The explosion of album sales in South Korea

With a massive increase in album sales in the last decade, selling music albums has become one of the main income sources for the music industry. In 2023, sales drastically rose to reach over 115 million, accelerated by the K-pop fandom tendency to buy physical albums in order to achieve benefits such as artist photo cards. As a result of this incentive, most physical album sales are seized by K-pop groups instead of individual artists. In the previous decade, the top-selling music albums were all dominated by K-pop groups, with BTS having won seven times in a row.

Streaming services as a market driver

Besides the explosion of album sales, online music distribution is one of the key driving forces of the successful music industry in the country. As most South Koreans have access to music via streaming, there is a huge preference for using domestic streaming music services. Internationally, YouTube is considered a necessary platform for Korean music artists for expanding their fandom as roughly 81 percent of respondents in a global survey chose the platform as the most preferred online music service for K-pop content.

South Korea retail market size is projected to exhibit a growth rate (CAGR) of 4% during 2024-2032. Rapid technological advancements in e-commerce and mobile payment solutions, changing consumer preferences, increasing sales of premium and imported products, and rising influence of K-pop and Korean dramas represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on product type and distribution channel.

South Korea tourism market size reached US$ 13.11 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 20.36 Billion by 2032, exhibiting a growth rate (CAGR) of 4.98% during 2024-2032. The rising popularity of K-pop dramas, along with the growing number of cultural sites, is bolstering the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with the South Korea tourism market forecast at the country and regional levels for the period 2024-2032. Our report has categorized the market based on tourism type, tourist type, travel type, booking channel, and age group.

South Korea athleisure market size is projected to exhibit a growth rate (CAGR) of 6.26% during 2024-2032. The increasing health and wellness trend among South Koreans, rising influence of K-pop and Korean celebrities, recent technological advancements in textile manufacturing, and growing acceptance of casual dress codes in the workplace represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type, product, distribution channel, and end user.

According to a survey conducted across 26 countries in 2023, respondents stated that they spent an average of 4.5 U.S. dollars on South Korean pop music (K-pop) content per month, a decrease from about seven dollars the previous year.

K-Pop consumption

Regarding monthly spending on K-pop, consumers from the United Arab Emirates (UAE) spent the most, at around 17.6 dollars per month in 2023. The same survey showed that the majority of K-Pop fans used YouTube for accessing K-Pop online, while Spotify was the second most popular online service for K-pop content. Due to the vast amount of content related to K-Pop, such as music videos, behind the scene videos, variety content and more, K-pop fans usually spend a lot of time watching said content. The average time spent engaging with K-pop, was highest among Thai and Indian fans, followed by Vietnamese and Indonesian consumers.

Fan culture and collecting

K-pop content, especially CDs, usually has unique packaging which makes it attractive for consumers to buy and collect. An album usually includes a photobook and a lot of freebies such as photocards or stickers. Since the albums often include only one photocard out of many, fans often buy more copies to collect one of each member of the group. In some cases, idol groups release several versions of the same album with different photo concepts, so that avid collectors spend even more on K-pop. One example is the top-selling physical album of 2023, "FML" by SEVENTEEN, for which six versions were available.

Market Overview:

The South Korea luxury travel market size is projected to exhibit a growth rate (CAGR) of 7.00% during ​2024-2032​. The significant expansion in the South Korea tourism industry, the growing popularity of K-Pop with a massive global following of fans, and the emerging technological innovations in robotics, artificial intelligence, and entertainment technology represent some of the key factors driving the market.

Luxury travel caters to individuals seeking exclusive and premium experiences during their journeys. It goes beyond the typical vacation, focusing on opulence, comfort, and personalized services. It is characterized by several high-end amenities, exquisite accommodations, and unique, tailor-made itineraries that cater to the discerning tastes and preferences of travelers. Travelers who are opting for luxury travel are looking for more than just a place to stay; they seek to immerse themselves in the culture and beauty of their chosen destination while enjoying unparalleled comfort, which involves staying in luxurious five-star hotels, private villas, and exclusive resorts that offer privacy and stunning views. Luxury travelers expect their journeys to be tailored to their unique desires and interests with a private guided tour of a historical site, a gourmet dining experience, or access to exclusive events and activities, luxury travel providers excel in curating one-of-a-kind experiences. Additionally, luxury travelers often enjoy culinary delights that showcase the finest local and international cuisine, while high-end restaurants and world-class chefs are commonly found in luxury travel destinations, offering the best experiences that are a feast for the senses.

South Korea Luxury Travel Market Trends:

The market is primarily driven by the increasing number of tours and travel activities. In addition, South Korea offers several high-end accommodations, including luxury hotels, boutique resorts, and traditional hanok stays that cater to the discerning tastes of luxury travelers, thus contributing to the market growth. It has a rich cultural heritage, with a history dating back thousands of years, which is attracting travelers to explore its ancient palaces, temples, and traditions. The country's unique blend of old and new offers a rich tapestry for luxury travelers to experience. Moreover, several technological innovations and luxury travelers intrigued by the opportunity to explore the latest advancements in robotics, artificial intelligence, and entertainment technology represent another major growth-inducing factor. Besides this, the growing popularity of K-Pop has a massive global following, which attracts fans to South Korea to attend concerts, fan events, and visit entertainment hubs, contributing to the growth of luxury tourism centered around entertainment experiences. Along with this, South Korea is known for its traditional Korean spa culture, offering rejuvenating treatments and wellness experiences to luxury travelers who prioritize self-care and wellness, propelling the spa tourism market growth. Apart from this, the country's well-developed transportation infrastructure, including high-speed trains and a modern airport, ensures that travelers can easily navigate and explore South Korea's numerous regions, further creating a positive market outlook.

South Korea Luxury Travel Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on type of tour, age group, and type of traveller.

Type of Tour Insights:

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• Customized and Private Vacation
• Adventure and Safari
• Cruise and Ship Expedition
• Small Group Journey
• Celebration and Special Event
• Culinary Travel and Shopping
  

The report has provided a detailed breakup and analysis of the market based on the type of tour. This includes customized and private vacation, adventure and safari, cruise and ship expedition, small group journey, celebration and special event, and culinary travel and shopping.

Age Group Insights:

• Millennial (21-30)
• Generation X (31-40)
• Baby Boomers (41-60)
• Silver Hair (60 and above)
  

A detailed breakup and analysis of the market based on the age group have also been provided in the report. This includes millennial (21-30), generation X (31-40), baby boomers (41-60), and silver hair (60 and above).

Type of Traveller Insights:

• Absolute Luxury
• Aspiring Luxury
• Accessible Luxury
  

The report has provided a detailed breakup and analysis of the market based on the type of traveller. This includes absolute luxury, aspiring luxury, and accessible luxury.

Regional Insights:

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• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
  

The report has also provided a comprehensive analysis of all the major regional markets, which include Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

South Korea Luxury Travel Market Report Coverage:

In 2023, the K-pop industry achieved an estimated sales of around 1.24 trillion South Korean won overseas. 47.6 percent of these sales came from the overseas performances sector, with another 31 percent from overseas album sales. In the same year, physical albums sold domestically as well as those sold abroad by certified sellers reached an all-time high.

As of March 2025, the K-pop entertainment HYBE Corporation achieved the highest market cap in the South Korean stock exchange market, at around 10.5 trillion South Korean won. HYBE Corporation, formerly known as Big Hit Entertainment, is home to the globally popular K-pop group BTS. Having only entered the stock exchange market in 2020, the company has since stayed ahead of its competition.

In 2024, the best-selling physical music album in South Korea was the EP "SPILL THE FEELS" by K-pop boy group SEVENTEEN, having sold around 3.2 million copies. With many parts of the global music industry moving away from physical sales to digital downloads and streaming, K-pop is a prominent exception. Through a combination of buying incentives, fandom culture, and the increasing popularity of K-pop, the genre has retained its larger focus on physical sales compared to many other genres. Music consumption in South Korea The most common purpose for purchasing physical albums is for collection purposes, and to directly support an artist, rather than utilizing the physical CD to listen to the music. The vast majority of South Koreans listened to music on their smartphones according to a 2024 survey, with CD players only being used by a small share of the population. Music streaming and downloading services are popular and enjoy frequent use. Incentives to buy physical albums One famous example of incentivizing the buying of physical albums that commonly occurs in the U.S. music industry is the bundling of merchandising or concert tickets with physical albums. This is not a common practice in the K-pop industry. Instead, each album offers unique merchandising and photobook concepts. Oftentimes, multiple versions of the same album will be released alongside several randomized collectible photo cards. Additionally, gaining entrance to fan signs is usually based on a lottery system which is entered by purchasing physical albums, with one album equaling one ticket. This phenomenon is mainly confined to the K-pop industry specifically, rather than being a feature of the larger South Korean music industry. As such, successful releases tend to differ between physical and digital rankings, with physical sales reflecting fandom buying power, and digital sales reflecting the taste of the general public. Physical rankings are generally dominated by K-pop artists, while digital rankings tend to be more diverse, with favored genres being ballads, OSTs, and trot music.

In 2024, albums released by popular K-pop group SEVENTEEN amounted to 13.6 percent of total music albums sold in South Korea that year. Other popular artists included Stray Kids and ENHYPEN. K-pop album sales SEVENTEEN and Stray Kids made history in 2023 by breaking pre-sale and general sale records, dominating the top four spots in the year's best-selling boy group albums. SEVENTEEN's album sales exceeded 16 million in 2023, surpassing even the globally renowned boy band BTS. Similarly, Stray Kids also achieved remarkable growth in album sales, doubling from the previous year to over 10 million, showcasing the group’s rising popularity. As physical album sales decreased in 2024, so did their total numbers, but their popularity is still clearly discernible. Successful artists under HYBE SEVENTEEN is under the music label Pledis Entertainment, a subsidiary of HYBE Corporation, making them label mates with BTS. In the past year, BTS members focused on solo projects or fulfilled their mandatory military service, resulting in lower group sales. Among notable artists under HYBE, NewJeans stands out, having sold a total of over eight million albums despite having had only had two full years of experience in the industry.

According to data on K-pop popularity based on YouTube views, only 10.1 percent of the total number of views came from South Korea, the homeland of K-pop. In terms of audience share, the country was followed by Indonesia, Thailand, Vietnam, and the United States. K-pop's popularity in the global music market was led by BTS, Blackpink, TWICE, Momoland, and EXO, and these five artists accounted for 54.3 percent of all K-pop YouTube views. K-pop popularity world map In terms of total YouTube views, Asia and America are evenly distributed in the top 10 rankings. However, K-pop is more popular in Asia when comparing the countries by population. According to data analyzed by K-pop experts, Korea has generated the most video views compared by population, followed by Asian countries such as Singapore, Taiwan, Thailand, Malaysia, Hong Kong and Vietnam. When analyzed by city, people in Ho Chi Minh and Bangkok were watching Korean pop music videos more than people in Seoul. Also, BTS' popularity in the Americas and Europe is high, followed by Black Pink. In Asia, Black Pink, BTS and TWICE have gained popularity. K-pop consumption around the world As users can easily access music content online, such as YouTube and Facebook, more and more people are enjoying Korean music content. Accordingly, the amount of money spent per month on K-pop content over the world has also doubled and stood at 9.2 U.S. dollars per person in 2019. People in the United Arab Emirates particularly spent the highest amount of money on K-pop content, an average of 36.4 U.S. dollars per month which is far higher than in other countries. On the other hand, in the world an average of 14.9 hours was spent monthly watching K-pop content. People in Indonesia, Thailand, and Vietnam spent more time enjoying the same content.

In 2022, there were around 61 thousand people employed within the music industry in South Korea. Employee numbers have decreased by around 22 percent since 2012. The number of employees peaked in 2012, at over 78 thousand.

In 2023, exports of music albums from South Korea achieved a sales revenue of nearly 389 billion South Korean won. This made it the second-most successful K-pop sector in terms of overseas sales that year, following behind performances. That year, physical albums sold domestically as well as those sold abroad by certified sellers reached an all-time high.