K-pop’s physical album market has experienced its first major decline in nearly a decade, with sales dropping by 19% in 2024. According to data from the Korea Music Content Association’s (KMCA) Circle Chart, a total of 93.14 million albums were sold between January and November this year, down from 116 million in 2023.
The downturn marks a significant break from the upward trajectory of the previous years, and it’s unlikely that sales will hit the 100 million mark, even with December’s figures. A particularly notable decline came in the number of albums reaching the coveted million-sales status, with only 20 albums crossing that threshold in 2024—13 fewer than in 2023.
The year saw reduced sales for prominent boy bands like Seventeen and Stray Kids, which had set record-breaking figures in 2023 with 5 million copies each. This year, their sales peaked at 3 million and 2 million copies, respectively.
KMCA Secretary General Choi Kwang-ho acknowledged that a slowdown was expected after last year’s overheated market but expressed concern over the depth of the drop, calling a 20% decline a “great crisis” for the industry.
In addition to new album sales, the market for older albums (those released more than six months ago) also saw a significant fall, dropping by 41.7% in the first half of 2024, with only 3.3 million copies sold. This drop is often viewed as an indicator of fan fatigue, as it suggests a decline in new fans joining the K-pop scene.
Industry observers have pointed to recent controversies, such as disputes between K-pop agencies and negative publicity surrounding idols, as factors contributing to the sales slump. A report by the Korea Creative Content Agency on December 18 suggested that these issues may have created a sense of “fatigue” among fans.
Music critic Kim Yoon-ha cautioned against drawing a direct link between the disputes and the sales dip but acknowledged that negative publicity can be harmful in the long run, saying it may have a “decisively negative” impact on K-pop demand.
Despite the downturn, the K-pop industry is expected to recover in 2025. Major artists, including BTS members Suga, RM, Jimin, V, and Jungkook, will complete their mandatory military service by mid-year, paving the way for new music from the group later in 2025. Additionally, top girl group Blackpink and iconic artist G-Dragon are also expected to release new material, while fourth-generation groups like aespa, ILLIT, IVE, Riize, and ZeroBaseOne are gearing up for comebacks.
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