K-pop stocks have sold off this year, but Goldman sees a turnaround

K-pop stocks have taken a beating this year, with JYP Entertainment shares leading losses in the sector and shedding a third of its market value.

CHICAGO, ILLINOIS - AUGUST 03: Danielle, Hyein, Hanni, Minji and Haerin of NewJeans perform in concert during Lollapalooza at Grant Park on August 03, 2023 in Chicago, Illinois.It hasn't been an easy start to the year for investors in the K-pop sector as lower fourth-quarter sales and profits, as well as dating scandals, hit stock prices.

Shares of SM Entertainment have plunged over 17%. The decline comes as one of the agency's artists was embroiled in a dating scandal that drew The analysts also said album sales spiked during the pandemic due to the lack of offline interactions, which distorted the metric in relation to fans.When evaluating the industry by in-person concert attendance, Goldman said "growth has not stopped scaling at a rapid pace," and "in the near term, we see audience growth in Japan as the key growth driver."

Goldman estimated Japan concert audiences will grow at a 24% compounded annual growth rate from 2023 to 2026, with the combined share for Hybe, JYP and SM doubling from 7% to 14%.

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