In a year where many industry analysts anticipated a slowdown, the concert touring business has defied expectations, with K-pop groups playing a pivotal role in this unexpected growth. According to Billboard Boxscore’s Midyear Recap 2024, the global touring industry is experiencing remarkable growth, with combined grosses for the Top 10 tours reaching $1.5 billion. This figure represents an 83 percent increase from last year’s $814.9 million, marking the first time the top 10 tours have collectively grossed over $1 billion by midyear.
K-pop acts such as SEVENTEEN, ENHYPEN, and TWICE are significantly contributing to this surge. These groups have successfully expanded their reach beyond Asia, attracting substantial audiences in North America, Europe, and Latin America. Their ability to draw large crowds and generate significant revenue underscores K-pop’s rising influence and its capacity to compete with Western pop acts on a global scale.
Leading the charge among K-pop acts is SEVENTEEN. Their ‘FOLLOW’ and its encore leg, the ‘FOLLOW’ AGAIN tour, have performed across Asia, making it the highest-grossing K-pop tour of the year so far. With 552,000 fans attending their concerts and a $67.5 million gross from 18 shows, SEVENTEEN has secured the 16th spot overall in the midyear ranking. This achievement also makes the 13-member boy band the highest-ranking Asian act. SEVENTEEN’s success highlights their ability to draw massive crowds and generate significant revenue, particularly in the Asian market, with multiple dates in Seoul, South Korea, and Osaka, Japan.
ENHYPEN, another powerhouse in the K-pop industry and part of the HYBE LABELS system that also houses SEVENTEEN, has also made a significant impact in the live sector this year. As part of ENHYPEN’s ‘FATE’ and ‘FATE PLUS’ second world tour and its encore dates, the group performed in South Korea, Japan, and the U.S. With 18 reported shows, they attracted 198,000 fans and grossed $35.5 million, earning the boy group the 34th spot on Billboard’s midyear chart. ENHYPEN’s rapid rise in the industry, with just over three years since their debut, is a testament to their growing popularity and the dedicated fanbase they have cultivated.
Meanwhile, TWICE continues to break barriers as the only Asian female act to rank in the Top 50 of Billboard Boxscore’s midyear recap. With 220,000 fans attending just five reported shows of their Ready to Be World Tour, earning a gross of $24.2 million, TWICE secured the 46th position overall. Their ability to command such a significant presence even with a limited number of concerts this year highlights their immense popularity and influence in the global music scene.
The success of these K-pop groups is not just limited to concert revenues. Their tours also have a significant impact on local streaming activity. According to an analysis by Luminate and Billboard, concerts can spur local boosts in recorded music consumption. For instance, K-pop acts like SUGA and TOMORROW X TOGETHER saw local weekly streaming gains of 133% and 129%, respectively, during their tours in the U.S. This is roughly three times higher than the average touring artist, indicating the strong connection between live performances and streaming activity for K-pop acts.
The broader impact of K-pop on the global music industry is evident. In the United States, K-pop is a relatively young genre that has firmly established itself in key markets. The genre’s ability to generate significant local streaming boosts during tours highlights its growing influence and the dedicated fanbase that supports it.
K-pop’s influence extends beyond the music industry, contributing significantly to South Korea’s economy. The genre’s global popularity has created a large market for K-pop artists, merchandise, and concerts, leading to a substantial increase in revenue. The K-pop industry has also created numerous job opportunities in various sectors, including music production, marketing, and entertainment. According to the Ministry of Culture, Sports, and Tourism, the industry employs approximately 92,000 people in South Korea.
The South Korean government has actively supported the K-pop industry through various policies and initiatives, such as tax incentives and funding for cultural events and infrastructure. This support has further promoted and developed the industry, contributing to its global success.
In conclusion, K-pop groups are playing a crucial role in boosting the growth of the concert touring industry in 2024. Their ability to attract large audiences and generate significant revenue highlights the genre’s rising influence on a global scale. As K-pop continues to expand its reach and impact, it is likely to remain a significant force in the global music industry, driving growth and innovation in the years to come.
