Behind K-pop's crisis of successors

South Korea's iconic K-pop industry, synonymous with the global phenomenon of Hallyu, is grappling with a domestic crisis as sales slump, new bands struggle to replicate past successes, and top agencies witness plummeting shares. While internationally renowned acts like BLACKPINK, BTS and PSY continue to soar, concerns mount over alienating domestic audiences as the industry shifts focus towards global appeal.

As reported by DW, the domestic downturn coincides with the continued rise of K-pop stars on the international stage, with acts like BLACKPINK and BTS gaining immense popularity worldwide. However, analysts caution that this success abroad shouldn't overshadow the need to maintain support at home, where loyal fans have been the foundation of K-pop's rise.

Economist Park Saing-in from Seoul National University highlights the disconnect between stock market performance of K-pop agencies and the industry's global popularity, suggesting that while international success persists, the absence of new breakout stars raises concerns for future growth.

Recent debuts by new bands like BabyMonster and releases from established groups like ITZY and NMIXX failing to make significant impacts on domestic charts have compounded worries within the industry. Sales declines for groups like Le Sserafim reflect a broader trend of diminishing domestic interest.

The uncertainty surrounding the marketability of domestic talents has led to significant declines in stock values for major management agencies such as YG Entertainment, HYBE, SM Entertainment, and JYP Entertainment. In response, agencies are launching new artists like Treasure, TWS, Katseye, and NCT Wish, yet doubts linger over their ability to match the success of their predecessors.

Beyond sales figures, the industry faces internal challenges, with disruptions like BTS members' mandatory national service and Scandals like Karina's relationship revelation affecting fan perceptions. Agencies' efforts to maintain a single and available image for their idols clash with the reality of their personal lives, causing fan backlash and further undermining domestic support.

David Tizzard, an assistant professor at Seoul Women's University, acknowledges the significant role Hallyu played during the pandemic but suggests that shifting cultural preferences post-pandemic pose new challenges. While Hallyu's core faNBAse remains passionate, concerns persist over sustaining broad appeal.

Despite differing views on the industry's future, uncertainty looms over the trajectory of South Korea's iconic cultural export. As Park Saing-in emphasises, while K-pop appears robust for now, its long-term sustainability remains uncertain, signaling a pivotal moment for an industry that has long been at the forefront of global pop culture.

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