Imagine if your consumers wanted to support your company and products so much that they would buy multiples of products they had no use for, they would donate money to other consumers so that they could support you, and they would spend their time and money on grand gestures like transforming a whole city into a tribute to you?
Welcome to the fan economy of KPOP music. In recent years, Korean culture in the form of K-drama, K-food, K-beauty, K-fashion, and KPOP has been shaking up their respective industries and are growing rapidly. KPOP alone has contributed $5 billion to the Korean economy, according to Bloomberg. Fans are an integral part of this economic boom.
KPOP fans are motivated to support their favorite idols in any way possible: streaming their videos on Youtube for views, buying digital and physical albums, and purchasing all kinds of merchandise. A KPOP idol group’s success heavily relies on the effort of the fans to spend. The KPOP Group BLACKPINK reportedly makes over $600,000 a month from just their youtube channel, in total their combined net worth is about $34 million.
The relationship between a KPOP idol and their fans goes beyond the music. Fans watch as their favorites go from a trainee to a fully-fledged star. They’re invested in their journey not only as a celebrity but as a person trying to achieve their dreams. With this, the fans can develop a certain level of loyalty for them to provide support to their favorite KPOP groups.
For outsiders looking in, spending time and money for someone you don’t personally know could be difficult to understand. But for fans, this is part of the experience and they are contributing to their favorite artists’ success.
Written By Victoria Nelson