Some of K-pop's biggest players are facing a slowdown in their businesses after several years of success for BTS, Blackpink and other musical ambassadors of the Korean content boom.
Shares of CJ ENM, one of South Korea’s largest entertainment companies, have been on a downward trend. The company has no plans to scale back its ambitions for Korean content, which includes music, movies, TV shows, merchandise and beauty products.
The company wrapped up its three-day annual KCON LA 2024 fan convention and concert in Los Angeles last weekend. The event at the Los Angeles Convention Center and Crypto.com Arena brought on a first-time broadcast partner in The CW, which aired a live special featuring portions of the July 28 concert including a surprise appearance by actress Awkwafina.
CJ ENM did not disclose attendance figures for KCON or ticket sales for the evening concerts, but said the event was largely driven by digital platforms. (The Crypto.com Arena has a capacity of 20,000.) Some 5.9 million fans from more than 170 countries “enjoyed KCON LA 2024 both on-site and through digital platforms,” according to CJ ENM. The event, held the same weekend as San Diego Comic-Con, drew thousands of enthusiastic fans from across the United States, Europe and elsewhere abroad. But general foot traffic at the daytime event appeared low compared to recent years.
CJ ENM used the gathering platform that brings together passionate K-pop fans from around the world to promote the launch of what the company hopes will be a high-profile addition to the marriage of K-pop and unscripted TV series. “Planet B” is set to premiere in 2025 on CJ ENM’s Mnet channel in South Korea and through licensing deals in Japan and other markets. A trailer for “Planet B” got a big push at KCON concerts and at the daytime conference at the convention center. CJ ENM officials wouldn’t say much about the show other than that it includes the debut of new K-pop artists.
“We held auditions to discover new talents, including solo artists and group artists,” said Harry H.K. Shin, head of CJ ENM’s music entertainment division. diverse “We are always looking for talent,” he said through a translator in an interview at Crypto.com Arena.
CJ ENM will test the K-pop market in Western Europe when it hosts the KCON festival in Frankfurt, Germany, in September. Major companies heavily invested in K-pop have suffered double-digit stock losses recently, including Hybe and SM Entertainment. CJ ENM, a subsidiary of South Korea’s economic powerhouse CJ Group, has seen its share price rise 7% year-to-date on the country’s Kosdaq stock exchange.
After a hiatus in 2020 and 2022, BTS has temporarily disappeared from the public eye as its young members complete their mandatory military service requirements. Shin asserts that as K-pop expands and matures, its fan base “will grow along with the artists” and that a broader range of male and female performers attract a loyal following outside of Korea, unlike much of BTS’s U.S. fan base that revolves around one act. The pioneering boy band played its first KCON in Los Angeles in 2014.
Harry H.K. Shin, Head of Music Entertainment at CJ ENM, at KCON LA 2024
Konok_Rio
“A lot of K-pop artists are building a fan base in their regions,” Shin said. “We see the growth opportunity in K-pop, Korean culture, K-drama and all other genres.”
Shin noted that the size of the in-person element of KCON — which builds on K-pop's core principle of artists making every effort to communicate directly with fans — makes it a unique opportunity.
“It’s rare to meet so many different artists in one place face to face,” Shin said. “KCON could be the only place where fans can meet all the different artists at once face to face.”
Furthermore, Shin confirmed that CJ ENM has confidence that there are enough K-pop fans in the region to support the two-day event.
“We already have a lot of fans in Europe – Germany, England and France as well,” said Sheen. “Germany is one of the biggest markets in the music industry. With a lot of fans there already [CJ ENM concluded] “This could be a really good opportunity to expand our market.”
Headlining acts at KCON LA 2024 include Enhyphen, Jeon Somi, ZeroBaseOne, Bibi, NCT 127, StayC, Hyolyn, Ini, ME:I, TWS, and Zico. Shin emphasized that KCON uses music as a means to achieve a larger goal that includes growing by working more closely with entertainment giants outside of Asia.
“Our mission is to promote our culture and introduce it to the world through the K-pop fan base,” Shin said. “We are really happy to collaborate with other media outlets. We are really interested in building a strong collaboration with other media outlets.”
(Image above: Korean pop star Bebe performs a concert on July 26 at Crypto.com Arena in Los Angeles)
