Online gigs and government spending: How K-pop is weathering the COVID-19 pandemic

SEOUL: In June 2013, a seven-member band released their first music video No More Dream. The track reached the heady heights of # 84 on the South Korean government-sponsored Gaon Music Chart.

Six years later, BTS would become the third group in 50 years to have three number one albums on the Billboard 200 charts in less than 12 months.

Recently, their first English single Dynamite made its debut at the top of the Billboard singles chart, making BTS the first South Korean singer or group to accomplish such a feat.

With depressing economic data at every turn due to the COVID-19 pandemic, BTS’s success has been good news for South Korea, not only because of cultural pride but also because of the tangible benefits that come with it. A government study projects that the groundbreaking Dynamite will generate 1.7 trillion won ($ 1.43 billion) of economic activity and about 8,000 new jobs.

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In 2019, BTS held three concerts under their Love Yourself banner. The concerts in Seoul attracted 130,000 fans and created nearly $ 1 billion in economic value.

The pandemic may have slowed travel, concerts, and fan meetings. But it hasn’t stopped the growing popularity of Hallyu or the Korean Wave.

AR, VR AND K-POP

SM Entertainment, one of South Korea’s three largest entertainment agencies, partnered with telecoms giant SK in May to bring the experience of a live concert to fans’ living rooms.

“COVID-19 has opened up new opportunities for Korea’s Hallyu to expand and grow even more,” said Kim Hun-sik, a critic of pop culture in Seoul.

“SM Entertainment has been investing in things like virtual reality for about 10 years. You have artists like Psy with Gangnam Style and now BTS. “

Using technology known as 3D mixed reality (MR), one of SM Entertainment’s acts, Super Junior, performed a live performance for fans around the world.

One of the band members, Choi Si-won, initially appeared as an image of MR, filling the 12-meter-high concert hall, before joining his bandmates on stage.

“Even if the person is not there, it may seem like they are in front of our eyes and we are actually meeting in person,” said Jeon Jin-soo, who heads the 5GX Services Business Group at SK Telecom.

FINDING WAYS ENTER THE PANDEMIC

The KCON music festival was created in 2012 to promote K-pop to American fans. This year’s edition would have taken place in New York in June.

COVID-19, of course, put an end to that.

But in its place came KCON: TACT, a seven-day online concert, featuring 33 different K-pop artists. The event attracted more than four million viewers.

CJ ENM, the entertainment company behind KCON, has set its sights on another installment this year, taking place over 10 days in October.

“It’s been a difficult year for the live entertainment industry, especially for K-pop because K-pop is really about the interaction and communication between fans and artists,” said John Han, project manager for the business team. of global festivals of CJ ENM.

“But it is an opportunity to come up with new ideas and creative ideas to connect fans and artists through the virtual world.”

South Korea, like most governments, is looking for ways to revive an economy hit by the coronavirus. To promote Hallyu, the Ministry of Finance will set aside $ 585 million in next year’s budget. That figure, announced Monday (Sept. 7) is a 43% jump from the 2020 allocation.

In anticipation of the pandemic and accompanying distancing measures, which will run into next year, part of Hallyu’s budget will be spent to help K-pop bands hold concerts online.

SMALL SCREEN SUCCESS

While the pandemic has forced concert organizers to dig deeper and innovate, at least one Hallyu export is seeing growth.

With more people staying, Korean dramas have become a staple of home entertainment.

A poll conducted in Indonesia earlier this year showed that around 73 percent of the people surveyed began watching Korean dramas after the pandemic hit the country in March.

Streaming services in India have also reported an increase in demand.

“Before (the pandemic), Korean dramas were shown first here at home. If they were good, they would be exported, ”said Kim Hun-sik, a critic of pop culture.

“These days many are shown on platforms like Netflix at the same time that they are seen here. Or maybe a few days later. “

NOT ALL ROSY

Still, there have been setbacks. Some production companies have had to stop filming due to COVID-19 restrictions. For lesser-known players, the lack of face-to-face meetings with foreign buyers has also hampered sales.

In the K-pop industry, as artists with an established fan base find ways to circumvent the pandemic, newcomers are struggling.

“These so-called trainees don’t have a stage anywhere and it’s difficult to perform online concerts if people don’t know who they are,” said pop critic Kim Hun-sik.

“Some agencies have started mixing them with the most popular groups. But it’s still difficult. ”