Music Industry Trends in Korea in 2020
Everybody has their own favorite platform to listen to their favorite tunes. In the United States and many other countries, Spotify and Apple Music tend to be the most popular and widely used platforms. South Korea is a bit unique in the sense that oftentimes, it prefers domestic application platforms in favor over international ones. Naver is preferred over Google for a search engine, and Koreans will surely pick Coupang over Amazon for any shopping needs. Likewise, the most widely used music streaming platform is called Melon.
Music streaming industry in Korea is expected to reach roughly $800 million in 2021. Therefore, competition between domestic market leader — Melon and global alternatives — YouTube, Spotify and Apple Music is increasing. Competition among music streaming platforms creates new opportunities for music creators and producers.
Keep reading to learn more facts about the music trends in South Korea.
The following data has been collected for the year 2020 from 3000 random participants, age 10–59 in South Korea.
1. Frequency of Music Listeners in Korea
In 2020, there was a notable increase in the number of people who immersed themselves in music on a daily basis or listened to it 3–4 times per week. It seems like more and more individuals are finding solace and joy in music as compared to the previous years. On the other hand, the frequency of people enjoying music 1–2 times a week, 2–3 times a month, once a month, and once every 2–3 months showed a consistent downward trend over the three-year survey period.
When it comes to preferred music genres, the majority of the general public, around 76.5%, found themselves captivated by the enchanting melodies of ballads. It seems that the emotional depth and relatability of ballads struck a chord with the listeners. Following closely behind were the energetic beats of dance music, with 55.8% of the surveyed population grooving along. Not far behind, at 50.7%, was the captivating allure of Original Sound Tracks (OSTs) that transported listeners to their favorite movie or TV show moments. It’s fascinating to see that these three categories garnered favorable responses from more than half of the people surveyed, reflecting their widespread appeal.
Interestingly, the rising star of the music scene, trot, which is a traditional Korean folk singing genre, received a general favorability rating of 21.3%. This statistic reveals that trot has carved out a niche for itself, primarily resonating with a specific demographic — the 45+ age group. It’s remarkable to witness how this genre has captured the hearts of a particular audience, highlighting its ability to evoke nostalgia and create a unique musical experience for a devoted fan base.
2. Music Streaming and Downloading Platforms
When it comes to downloading and streaming music in Korea, there are five incredibly popular platforms that dominate the scene.
Topping the charts are YouTube and Melon, capturing the hearts of more than half of the surveyed population. It seems like Koreans have made these platforms their go-to choices for enjoying their favorite tunes. The convenience and vast music library available on YouTube and Melon have certainly struck a chord with music enthusiasts.
Now, let’s talk about Melon — a unique platform that sets itself apart from the others. Unlike many other platforms, Melon is a paid service and doesn’t offer a “free” version. It’s a testament to the value Melon provides that a significant number of music lovers are willing to invest in a subscription, which costs around $10.99 per month. Clearly, Melon’s features and offerings have captured the attention and loyalty of its users.
Curious about the spending habits and preferences of music consumers, the survey delved into their willingness to pay for a music stream or download service. Surprisingly, more than half of the respondents expressed a willingness to shell out 5,000 to 10,000 won (approximately $4.50 to $9.00) for such services. This showcases the value people place on accessing quality music and the role it plays in their lives.
Delving deeper, the survey explored whether people have utilized paid music stream or download services within the past year. The results were intriguing, with a staggering 63.6% responding with a resounding “yes.” It’s fascinating to see that a significant portion of the surveyed population has experienced and appreciated the benefits of paid music services, underscoring the growing popularity and acceptance of these platforms.
3. On Purchasing physical records
When asked whether they had purchased a physical record within the last year, a whopping 79.8% of Koreans responded with a resounding “no.” This finding sheds light on the undeniable trend of digitalization that has taken over the media landscape. It seems that fewer people are opting to buy physical records like CDs and VCRs, for a variety of reasons.
Let’s face it, physical records come with their fair share of drawbacks. They can be bulky, heavy, and susceptible to wear and tear. On the other hand, the beauty of a digital purchase shines through when you consider the convenience it offers. By simply purchasing a song through your phone, you gain the ability to listen to it an unlimited number of times. It’s like having an entire music collection at your fingertips without the hassle of carrying around physical media.
Now, here’s an interesting twist. Out of the remaining 20.2% of surveyed Koreans who still purchase physical records, it’s worth noting that two-thirds of them wouldn’t spend more than 30,000 won (approximately $27) for a single record. This insight reveals that even among those who cling to the traditional charm of physical records, there’s a clear preference for more affordable options. It’s a fascinating glimpse into the mindset of those who still value the tangible experience of owning a physical record, but also consider budget-friendly choices when indulging in their musical passions.
4. The “Untact” Era and Virtual Concerts
Let’s dive into the world of virtual concerts! When asked whether they had attended a virtual “untact” concert, a staggering 81.8% of respondents confessed that they hadn’t. It’s quite intriguing that despite the widespread shift towards online experiences for many activities, the allure of a real concert still captivates four out of five people when it comes to enjoying music.
Now, let’s talk about paying for virtual concerts. The survey asked participants whether they were willing to shell out their hard-earned cash for a virtual “untact” concert experience. The results were quite fascinating! Around 21% of respondents firmly said “no” to the idea, while almost 40% sat on the fence, responding with a cautious “maybe.” On the flip side, an almost equal percentage, 39.3%, responded with an enthusiastic “yes” to the prospect of paying for a virtual concert.
These diverse responses demonstrate the varied perspectives and preferences within the surveyed population. It’s clear that the concept of virtual concerts still has some convincing to do for a significant portion of people, who remain skeptical or uncertain about its value compared to the real concert experience. However, there’s an equally sizeable group who are open and willing to explore the virtual realm of live music, recognizing the unique opportunities it presents.
5. Changes in music listening habits post COVID-19 breakout
Let’s talk about how COVID-19 turned the world of music upside down and inconvenienced music lovers in different ways.
One of the biggest bummers, according to a whopping 43.7% of participants, was the heartbreaking inability to attend live concerts and festivals.
Another notable inconvenience, as reported by 26.8% of participants, was the decrease in their listening habits. Why, you may ask? Well, it turns out that their favorite artists didn’t release new music during the pandemic. It’s understandable that without fresh tunes to indulge in, some music enthusiasts found their listening routines affected.
On the other hand, there were the resilient 20.3% of participants who defiantly declared that their music listening habits remained unaffected by the COVID-19 outbreak.
Conclusion
In South Korea, the music streaming industry increased by roughly 20% in 2020 and is expected to reach $800 Million in 2021. We have seen that YouTube and Melon continue to remain the main platforms for listening to music. We have also seen that that COVID-19 is changing how domestic users listen to music.
The music industry South Korea has shifted its normal operations to “untact” methods. For example online concerts, fan engagement applications and virtual artists are some of the newer ways for engagement. Technological advances have allowed us to enjoy music in different, perhaps even more intimate, ways than before.
Rapidly changing industry creates new opportunities. We hope that music creators and producers can take advantage of new music trends to create more success stories and creations that we all love to listen to.
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