2023 marked a year of significant expansion in K-pop's global influence.
Once predominantly represented by 'BTS,' K-pop has evolved into a mainstream force threatening the global pop market, thanks to the powerful performances of younger groups like Seventeen, Stray Kids, NCT, Zero Base One, NewJeans, IVE, and aespa. The export amount of K-pop albums even exceeded 300 billion won. Let's delve into the eventful year of the Big 4 in the music industry: HYBE, SM Entertainment (SM), JYP Entertainment (JYP), and YG Entertainment (YG).
HYBE: From BTS to NewJeans, a Successful Baton Pass
HYBE achieved a successful transition this year. Even as BTS, the heart and backbone of HYBE, entered a complete hiatus due to military enlistment, their label's artists made notable strides.
Particularly striking is NewJeans. Their pre-released single 'Ditto' last December achieved record-breaking success on Melon's daily chart for 99 days and weekly chart for 14 consecutive weeks. They even entered the U.S. Billboard's 'Hot 100' at 85th place and surpassed 500 million streams on Spotify, sparking a global phenomenon.
Their mini-album 'Get Up' released in July saw all its triple title tracks - 'Super Shy,' 'ETA,' and 'Cool With You' - gain immense popularity. Especially 'Super Shy,' which climbed to 64th place on Billboard's 'Hot 100', marking another career high. Consequently, NewJeans swept domestic music awards and made an impact at the U.S. 'Billboard Music Awards,' with their performance being a first for a K-pop girl group in such a short debut time.
Moreover, Seventeen's 'FML' broke records as the highest-selling K-pop album, and 'SEVENTEEN'S HEAVEN' set a new record for initial sales for a Korean artist. Others like LE SSERAFIM, Tomorrow X Together, and ENHYPEN also showed growth in the global market.
SM: Overcoming Lee Soo-man's Risk with 'Reform'
SM persevered through growth pains and maintained its reputation as the original idol powerhouse.
SM underwent a tumultuous period due to a management dispute that started with its founder and former general producer, Lee Soo-man. Upset by the rejection of his exclusive production rights and the shift to a multi-label system with SM 3.0, Lee Soo-man sold his SM shares to HYBE in a strong retaliatory move. The situation seemed to settle with Kakao's involvement, but SM continued to face scrutiny.
However, SM impressively bounced back. NCT Dream, NCT127, and aespa continued to report victories, and the debut of the new group RISE signaled a promising future. Departing from 'Lee Soo-man's worldview,' SM received praise for building concepts that highlighted the artists' individuality and versatility, and for adopting a multi-label system that provided more flexibility in album production.
Indeed, SM recorded an operating profit of 50.5 billion won and sales of 266.3 billion won in the third quarter of this year, marking an increase of 70% and 12% respectively compared to the same period last year, and the highest quarterly performance ever.
JYP: Unfurling the 'Global' Wings
Stray Kids propelled JYP to new heights. After first topping the Billboard's main album chart 'Billboard 200' with 'Ordinary' last March, they continued their streak with 'Maxident,' 'Five-Star,' and 'Rockstar,' securing the top spot four times in a row. Their title track 'Rock' from 'Rockstar' also entered 'Hot 100' at 90th place. Bolstered by this, Stray Kids became the first 4th generation group to win the 'Top K-Pop Album' category at the 'Billboard Music Awards.' Even Forbes lauded them as "South Korean superstars."
While Stray Kids clinched victory with traditional K-pop, JYP's long-advocated 'Globalization by Localization' also shone through.
NiziU, created from JYP's idol production system and Japanese infrastructure, continues to soar, and NiziU's boy group version, NEXZ, made a refreshing debut. A 140% increase in Japanese sales compared to the same period last year attests to JYP's solid foundation in Japan.
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YG: Mixed Tears and Laughter with Blackpink
YG faced the most significant challenges among the Big 4 this year. With the departure of Big Bang and 'the president of kids' iKON, and WINNER entering military hiatus, YG's lineup was drastically reduced. The situation worsened in August when the contract with its flagship group, Blackpink, expired, and the uncertain renewal led to a plummeting stock price.
However, YG scripted a dramatic turnaround by successfully renewing the full contract with Blackpink. Amid various rumors, including Lisa's overseas agency transfer, YG breathed a sigh of relief by finding a compromise that "Blackpink's group activities will continue with YG." With Blackpink having conducted the largest K-pop girl group world tour last year, attracting 1.5 million attendees, their contract renewal news significantly boosted YG's stock price. Although the members plan to pursue individual activities, such as Jennie establishing her independent label OA, the agreement to continue team activities with YG has opened a new path for the company.
