BTS And BLACKPINK Lead Korea’s Rising Sales In IFPI’s “Global Music Report”
The International Federation of the Phonographic Industry (IFPI) has released their annual Global Music Report. This report shows stats for global recorded music revenues in 2020.
For the sixth year in a row, the global recorded music market trended upward, growing by 7.4% in 2020 with a total revenue of $21.6 billion USD. Streaming accounted for 62.1% of total global revenues, and revenues from physical formats fell by 4.7%. Despite this global dip in physical sales, South Korea saw a rise in CD sales, thanks to K-Pop artists, including BTS and BLACKPINK.
IFPI previously crowned BTS the No.1 “Global Recording Artist of the Year”. With combined sales and streams from MAP OF THE SOUL: 7 and BE, BTS become the first Asian artist and non-English singing artist to take the top spot on the “Global Artist Chart”.
They also scored No.10 on the “Global Top 10 Digital Single” chart with “Dynamite”…
…as well as No. 1 and No.4 on the “Global Top 10 Album All-Format Chart” for MAP OF THE SOUL: 7 and BE, respectively, and No.1 (MAP OF THE SOUL: 7), No. 2 (BE), and No.8 (MAP OF THE SOUL: 7 ~ The Journey) on the “Global Top 10 Albums Sales” chart.
BLACKPINK’s THE ALBUM took the No.5 spot on the “Global Top 10 Albums Sales” chart.
K-Pop largely contributed to South Korea becoming the fastest-growing major music market in 2020, boosting the growth rate up to 44.8%. Overall, South Korea sits at No.6 in the “Top 10 Global Markets” chart, but if the rate of growth continues, it could be sitting at No.5 or higher this time next year!