, the industry is worth about $US5 billion , according to analysts, and is continuing to grow as more people around the world tune in. That’s pushed up the stocks of K-pop stars’ agencies and transformed moguls like Hybe Co.’s Bang Si-Hyuk into billionaires.Still, the industry is highly dependent on the actions of a few key players, and negative news about its stars can wipe out millions in market value.
It has a huge global fan base, which Bokyung Suh, senior analyst at Sanford C Bernstein, estimates at about 500 million people. That is continuing to grow as more music lovers discover the genre. He estimates the industry will have a 12 per cent compound annual growth rate until 2030. Hybe is known for the boy band BTS, also called the Bangtan Boys, which arguably turned the K-pop industry as a whole into a global phenomenon. SM is behind Karina’s Aespa along with Super Junior and Girls’ Generation, among others. Artists under JYP include Stray Kids, Boy Story and 2PM, while YG is known for Blackpink and BigBang.
Although the stock has since recovered, the episode was indicative of BTS’ influence on the K-pop world.