The U.S. music market analysis company Luminate recently highlighted the growing K-pop merchandise market as a significant opportunity in its 2023 Annual Report.
According to the report, U.S. K-pop fans spend on average $24 per month on merchandise, which is 2.4 times more than the average American music listener. In comparison to J-pop fans, they spend an additional $8 monthly. Furthermore, U.S. K-pop fans are 50% more likely to buy related merchandise even if they are unable to attend a music event.
The U.S. K-pop market experienced substantial growth last year, with K-pop music in world music category seeing a 26.2% increase in on-demand audio streaming, making it the fastest-growing genre.
Within the top 10,000 most-streamed songs in the U.S. in the previous year, Korean language content accounted for 0.7%, ranking third after English (88.8%) and Spanish (8.1%).
The report attributes the strong consumer behavior among U.S. K-pop fans to the presence of 'superfans' – dedicated fans who actively engage with artists through streaming, social media, merchandise purchases, and attending concerts.
An expert in the report noted, "K-pop fans are recognized for their high loyalty and enthusiasm, with many being superfans. A large number of them buy artist merchandise to express their identity, seeking something unique from mainstream offerings."
