From “Kpop Demon Hunters” to BTS’s upcoming album, tour and livestreaming concert, K-pop is well into its global domination phase.
But the Korean music phenomenon is really just part of a bigger movement across Asia, where markets like Japan, India and China are poised to follow in K-pop’s footsteps, according to a new Luminate special report, “Asia: A Global Force in Music.”
The report’s author, Luminate analyst Robert Steiner, explains the concept of “glocalization” and how local artists in Asia are gaining international visibility.
“Local artists and sounds end up getting platformed on streaming platforms as locals adopt streaming, which then allows these stars to get picked up by the algorithms and the playlist, and then achieve this international level of visibility and recognition that we haven’t really seen up until now,” he says on the latest episode of the Variety podcast “Strictly Business.”
Steiner also discusses the potential for J-pop to follow K-pop’s lead and expand globally, given the recent growth of streaming in Japan. Then there’s India’s music market, which is characterized by high consumption but lagging monetization.
In addition, Steiner delves into China’s music market, which is known for its innovative monetization strategies, including Tencent’s Super VIP model in China, where the U.S. is getting a lesson in how streaming platforms offer additional benefits to their most passionate fans.
“Chinese superfans were ahead… for all the virtual stuff,” said Steiner. “I think ultimately, that’s what gave the Super VIP model so much momentum in China. And that’s something that I think a lot of these Western companies will have to keep in mind.”
“Strictly Business” is Variety’s weekly podcast featuring conversations with industry leaders about the business of media and entertainment. Click here to sign up for our free, weekly “Strictly Business” newsletter. New podcast episodes debut every Friday and can be downloaded at Apple Podcasts, Spotify, Amazon Music and more.