Genie Music Reports 62% Annual Growth in Global Music Sales Over 5 Years

[Asia Economy Reporter Kang Nahum] Genie Music announced on the 19th that its overseas music sales have increased by an average of 62% over the past five years.

Genie Music provides K-pop music to more than 50 music platforms in 95 countries worldwide, including direct music distribution contracts with TIDAL in the United States and Anghamil in the Middle East.

In particular, to target the Chinese market recently, it has expanded music exports by signing streaming service and music distribution contracts with Tencent Music (TME), Huawei, and TikTok.

Thanks to these achievements, Genie Music's global music distribution sales, which were only 3.5 billion KRW in 2018, reached 24.1 billion KRW in 2021, an approximately sevenfold increase.

Genie Music's global music distribution sales have maintained a high growth trend with an average annual growth rate of 62% since 2018. Additionally, cumulative global music distribution sales up to the third quarter of last year amounted to 21.4 billion KRW, a 21.7% increase compared to the same period the previous year.

Lee Hae-il, head of Genie Music's content division, said, "Genie Music's overseas distribution sales continue to increase alongside the success of K-pop, and we will promote the growth of K-pop music sales through the expansion of our global network. We will also work with KT Media Group companies to expand the market based on competitive K-content."

This content was produced with the assistance of AI translation services.