The mastermind behind some of K-pop’s biggest groups and hits has signalled warning signs over the potential waning growth of the genre in the global music market.
Bang Si-Hyuk, the chairman of HYBE, home to popular K-pop legends BTS, recently flagged that the future may not be smooth-sailing for those involved in the K-pop industry. During a recent interview with CNN, Bang warned that K-pop is not “is not as hot in the market as you might perceive”, despite perceptions of the genre being a fast-rising commodity.
“Globally, it’s not occupying much of the market. On the other hand, Latin music and Afrobeats are very rapidly growing,” Bang said, adding that it is “urgent” to increase the exposure of K-pop.
Bang’s way of doing that, he said, was to build an infrastructure for K-pop in America by taking a larger interest in labels and management companies there. Notably, HYBE has closely collaborated with or even acquired US-based companies such as Universal Music Group, Ithaca Holdings and Quality Control over the past few years.
Even so, Bang says he’s still worried that K-pop’s day in the sun might soon be setting. “That is my major concern. In fact, looking at our export indicators and streaming growth, the slowdown in growth is very clear,” he said.
Yet, he has hopes that the “slowdown” is just temporary, one caused by the hiatus of global superstars BTS, due to the start of their mandatory military service in South Korea.
Meanwhile, BTS member J-hope recently teamed up with J. Cole on the song ‘On The Street’. In a four-star review, NME‘s Rhian Daly called the track “one where [the K-pop idol] can proudly look back on as he prepares to move forward”.
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