K-pop music has conquered the whole world. Today this musical direction is one of the most popular in all countries and on all continents. And this music was born ten years ago in South Korea.
According to the statistics, the top music streaming service that distributes K-pop can be considered the Korean streaming service Melon. This fact is not surprising, because this streaming platform is the most popular in Korea, and K-pop music itself was not only born in Korea, but also gained the most popularity in this country.
The strength of Melon is the large margin of safety accumulated since 2004. It currently has about 40 million songs, about 8 million users, and more than 6 million monthly active users. If we add Kakao’s content value chain to this, then this streaming platform will gain momentum in maintaining a stable top music chart in the near future.
More recently, the Swedish music streaming giant Spotify has entered the Korean music market. This fact, of course, could not leave indifferent Korean streaming music platforms. They don’t want aliens, they don’t want to share the Korean music market with them.
Spotify is currently unable to support music from major Korean music distributors such as Kakao M and Genie Music due to contract issues. Kakao M distributes music from well-known artists such as IU, Young-woong Lim, and Zico.
Over 80% of the South Korean music market is K-pop oriented. For this reason, it is predicted that Spotify’s strategy of providing 70 million music sources worldwide in Korea will not work. Apple Music is a prime example of this. It appeared in Korea in 2016 but failed to attract users. Currently, the share of the domestic market is about 1%. Melon (34.1% share) is currently number one in the Korean music market. This is followed by Genie Music, Flo, YouTube Music and Vibe.
All these streaming services, as already mentioned, are four-fifths focused on K-pop. You can easily listen to this music on these streaming platforms and purchase its licensed versions.
Streaming services in Korea are working to expand access to the K-pop agencies and platforms that dominate the global music market, led by BTS and Blackpink. After joining the major K-pop agencies, many more competitors of these music streaming platforms are considering opportunities for maximum market coverage.
The desire of Korean artists to win worldwide recognition is understandable and acceptable. And so today, K-pop music can be heard almost everywhere. But most often it can be heard in Korea, where, as mentioned above, four-fifths of the music market is focused specifically on it.