Some of the biggest players in K-pop are facing a business slowdown after several frothy years fueled by the worldwide success of BTS, Blackpink and other musical ambassadors of the K-content boom.
CJ ENM, one of South Korea’s largest entertainment conglomerates, has seen its stock price buck the downtrend. The company has no intention of trimming its ambition for its K-content slate, which spans music, movies, TV shows, merchandise and K-beauty products.
The company wrapped its annual three-day KCON LA 2024 fan convention and concert event in Los Angeles last weekend. The event at the Los Angeles Convention Center and Crypto.com Arena drew a broadcast partner for the first time in the CW network, which aired a live special featuring portions of the July 28 concert including a surprise appearance by actor Awkwafina.
CJ ENM did not disclose attendance figures for the KCON event or ticket sales for the evening concerts but said the event had broad reach largely through digital platforms. (Crypto.com Arena has a capacity of 20,000.) According to CJ ENM, some 5.9 million fans from more than 170 countries “enjoyed KCON LA 2024 both at the festival site and through digital platforms.” The event, held the same weekend as San Diego Comic-Con, drew thousands of ardent fans from around the U.S., Europe and other overseas locations. But general foot traffic at the daytime event appeared to dip compared with recent years.
CJ ENM used the platform of the gathering that brought rabid K-pop fans from around the world to tout the launch of what the company hopes is a high-profile addition to the marriage of K-pop and unscripted TV series. “Planet B” is set to debut in 2025 on CJ ENM’s Mnet channel in South Korea and through licensing deals in Japan and other markets. A “Planet B” teaser got a big push at the KCON concerts and at the daytime conference at the convention center. CJ ENM officials wouldn’t say much about the show other that it involves the launch of new K-pop artists.
“We’ve been having auditions to unearth new talent, including solo artists and group artists,” Harry H.K. Shin, CJ ENM’s head of music entertainment, told Variety through an interpreter in an interview at Crypto.com Arena. “We’re always on the lookout for talent.”
CJ ENM will test the market for K-pop in Western Europe when it brings the KCON format to Frankfurt, Germany, in September. Key companies deeply invested in K-pop have suffered double-digit stock losses of late, including Hybe and SM Entertainment. CJ ENM, a subsidiary of conglomerate CJ Group, which is a cornerstone of South Korea’s economy, has seen its stock price perk up 7% year to date on the nation’s Kosdaq exchange.
After big years in 2020 and 2022, BTS has temporarily been out of the public eye as its youthful members complete their mandatory military service requirements. Shin maintains that as K-pop expands and matures, the fandom “will grow together with the artists” and that a wider range of male and female performers are attracting dedicated followings outside Korea, in contrast to much of the U.S. fandom revolving around a single act in BTS. The pathbreaking boy band played the first KCON gathering in Los Angeles in 2014.
Harry H.K. Shin, CJ ENM’s head of music entertainment, at KCON LA 2024
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“A lot of K-pop artists are creating fandoms in their own regions,” Shin said. “We see the growth opportunity in K-pop, K-culture, K-drama and all other genres.”
Shin noted that the scale of the in-person meet-and-greet component of KCON — trading on the core K-pop tenet of artists making every effort to connect directly with fans — makes it a unique opportunity.
“It’s rare to meet a lot different artists in one setting face to face,” Shin said. “KCON could be the one and only venue for the fans to meet all the various artists at one time face to face.”
Moreover, Shin asserted that CJ ENM has confidence that there are enough K-pop fans in the region to support the two-day event.
“We have a lot of fandoms already in Europe — Germany, England and France as well,” Shin said. “Germany is one of the largest markets in the music industry. With a lot of fandoms there already [CJ ENM concluded] this could be really good opportunity to expand our market.”
Among the headlers of the KCON LA 2024 concerts were Enhyphen, Jeon Somi, ZeroBaseOne, Bibi, NCT 127, StayC, Hyolyn, Ini, ME:I, TWS and Zico. Shin emphasized that KCON uses music as a means to achieve a larger purpose that involves growth by working more closely with entertainment giants outside Asia.
“Our mission is to promote and let the world know about our culture, through the K-pop fan base,” Shin said. “We are really happy to collaborate with other media. We’re really interested in building strong collaborations with other media.”
(Pictured top: K-pop star Bibi performs July 26 at Crypto.com Arena in Los Angeles)
