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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. I love K pop

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Speaker 1: because they are, by far, I would say, the coolest

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Speaker 1: version of our generation.

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Speaker 2: Bloomberg reporter so he Can has been covering Korean pop

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Speaker 2: or K pop for nearly a decade as a journalist,

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Speaker 2: but she's been a fan for much longer than that.

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Speaker 3: Yeah.

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Speaker 2: Literally, I grew up with K pop, so he vividly

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Speaker 2: remembers her first K pop obsession.

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Speaker 1: So it was nineteen ninety seven when a trio girl

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Speaker 1: band called Ses come out of Nowhere. I first discovered

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Speaker 1: them from TV and three pretty young teenage girl grooves

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Speaker 1: were singing and dancing on a song called I'm Your Girl.

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Speaker 1: The song was mixed them a little bit of a

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Speaker 1: pop and RMB produced by SM Entertainment, and it completely

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Speaker 1: blew my mind. So I bought cast tapes up there,

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Speaker 1: albums and gathered some of my friends practice their dance

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Speaker 1: routines and performed at school events, and that became my

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Speaker 1: annual thing.

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Speaker 2: Recently, so He started noticing something unusual in the K

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Speaker 2: pop songs getting released. A lot of their lyrics were

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Speaker 2: in English, not Korean. So she did what any Bloomberg

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Speaker 2: journalists would do. She and her colleagues started collecting data.

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Speaker 2: In this instance, they conducted a very fun sounding survey.

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Speaker 2: They analyzed every single K pop song released since nineteen

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Speaker 2: ninety five that included hits like BTS's Butter.

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Speaker 1: Small Drag, but like Criminal and.

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Speaker 2: Black Pinks Killed This Love and I found out something

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Speaker 2: pretty surprising.

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Speaker 1: So almost half the K pop songs released this year

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Speaker 1: had the majority and lyrics, and this is the first

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Speaker 1: time in K pop's history like having a lot of

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Speaker 1: English the lyrics and English songs.

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Speaker 2: So he says that this push into English hasn't been

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Speaker 2: an accident.

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Speaker 1: And having more English lyrics is becoming a new norm

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Speaker 1: for Korean idol groups because their songs are actively drawing

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Speaker 1: more audiences not only in the US, but in some

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Speaker 1: regions in Southeast Asia where a lot of K pop

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Speaker 1: content like dance challenges become viral on TikTok and YouTube,

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Speaker 1: and most of them are using English as a main tool.

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Speaker 2: But if you take out the Korean, you're left with

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Speaker 2: a glaring question, what's K pop without the k Today

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Speaker 2: on the show, after years of meteoric growth, k pop

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Speaker 2: is at a crossroads. Can the genre grow its international

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Speaker 2: audience without losing the key components that made it a

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Speaker 2: global phenomenon in the first place. I'm Sarah Holder and

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Speaker 2: this is the big take from Bloomberg News so today,

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Speaker 2: So what does the K pop industry look like? Who

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Speaker 2: are the key main players that we need to know

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Speaker 2: before we understand this world?

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Speaker 1: So there are so called four big companies SM, High, YG,

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Speaker 1: and JYP. SM is known as the pioneer of k pop,

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Speaker 1: which was established three decades ago. High, the agency behind BTS,

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Speaker 1: is the youngest one, but the biggest in terms of

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Speaker 1: the market value. And why just the management company behind

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Speaker 1: Black Pink and JYP is the agency behind Twice and

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Speaker 1: Straight Kids.

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Speaker 3: And what's the size of the K pop industry?

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Speaker 1: Like?

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Speaker 3: How much money does it make?

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Speaker 1: The size of the K pop industry is estimated to

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Speaker 1: be about like ten billion dollars according to Korea Creative

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Speaker 1: Content Agency, and the amount of the kpop export was

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Speaker 1: about one billion dollars last year.

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Speaker 2: Exporting K pop has been a pretty good business. Bloomberg

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Speaker 2: reporters spoke to fans in Los Angeles outside of a

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Speaker 2: concert for the K pop Fan Rise, who said they

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Speaker 2: spent thousands of dollars a year on merchandise, concert tickets,

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Speaker 2: and special events where they could meet members of their

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Speaker 2: favorite groups.

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Speaker 1: Probably a six thousand budget maybe if not more, depending

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Speaker 1: on how many concerts Ike goes here.

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Speaker 2: I mean just think about this trip, like the ticket

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Speaker 2: light and everything, maybe like.

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Speaker 3: Five hundred maybe each just for like today, for me,

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Speaker 3: I would say maybe about two three thousands.

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Speaker 1: And this is not something like unusual for K pop

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Speaker 1: fans that we'll see a lot of like a K

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Speaker 1: pop fans who are based in la or lets in America,

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Speaker 1: we're like friends or who want to travel more to

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Speaker 1: follow their biggest artists.

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Speaker 3: What do fans say about why they love K pop

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Speaker 3: so much?

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Speaker 1: Well, I will say K pop is total package of

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Speaker 1: modern arts. It's not just about songs, their fashion, computer

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Speaker 1: graphic designs in their music videos and futuristic style and

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Speaker 1: the sounds which all comes together. But what makes fans

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Speaker 1: feel more connected to their stars than K pop groups.

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Speaker 1: I think it's song's message and the K pop star's

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Speaker 1: attitude toward fans. K pop artists are trained how to

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Speaker 1: use social media and how not to disappoint fans who

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Speaker 1: believe in them, but.

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Speaker 2: The global fan base for groups like Rise Bts and

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Speaker 2: Black Pink are in some ways the exception.

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Speaker 1: So he K pop's largest consumer country is still South Korea,

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Speaker 1: and the fifty million population is shrinking and aging faster

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Speaker 1: than any places in the world. So the core consumer

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Speaker 1: group teens to early twenties will be downsizing for the

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Speaker 1: next decade. And an aging South repopulation isn't the only

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Speaker 1: recent challenge for the industry. South Korea's decision to allow

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Speaker 1: a US missile defense system to be installed in the

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Speaker 1: country has led to tensions with the Chinese government and

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Speaker 1: that's impacting Chinese fans that prompted some sort of like

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Speaker 1: boycotts and ban other K pop bands in China. There

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Speaker 1: was no official statement from China that they are going

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Speaker 1: to ban K pop industry. Like suddenly, K pop groups

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Speaker 1: and K pop companies couldn't arrange any events and concerts

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Speaker 1: in mainland China.

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Speaker 2: All of this might have been part of the reason

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Speaker 2: why sales of physical K pop albums to China have

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Speaker 2: plummeted this year.

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Speaker 1: There are a lot of like hypothetical thesis around that,

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Speaker 1: but there is no like a certain or clear answer

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Speaker 1: for that. But first of all, like a Chinese consumers,

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Speaker 1: they would still want to buy K pop pop albums

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Speaker 1: for sure, butts there has been a rumor that Chinese

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Speaker 1: wholesalers has stopped buying or stopped ordering work sales because

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Speaker 1: of some sort of like measures that Chinese government has made, and.

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Speaker 2: That's why today, despite the passionate fans and the billions

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Speaker 2: in revenue, K pop has arrived at this crossroads.

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Speaker 1: Obviously, in order to make a lot of money, K

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Speaker 1: pop needs to transform their business model to make a

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Speaker 1: sustainable growth for the next decade and reach out to

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Speaker 1: a wider fan base. So it's K pop's mission to

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Speaker 1: reach out to a bigger global market for a survival plan.

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Speaker 2: To do that, some of the industry's biggest players are

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Speaker 2: arguing for a radical transformation.

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Speaker 1: So High founder Pamschi Hawk is declaring it's time to

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Speaker 1: take the K out of K pop.

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Speaker 2: Coming up after the break, how K pop is reinventing

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Speaker 2: itself and why this is causing something of an identity

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Speaker 2: crisis for the industry. One way for K pop groups

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Speaker 2: to appeal to a more global audience is to release

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Speaker 2: songs with more English lyrics, which is something Bloomberg reporter

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Speaker 2: so He Kim and her colleagues have confirmed is already happening.

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Speaker 2: Another strategy is for existing big name K pop groups

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Speaker 2: to team up with some familiar names in the international

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Speaker 2: pop community.

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Speaker 1: For example, BTS. John Kook's latest album was produced by

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Speaker 1: Scooter Brown and executives and producers in La and Lisa

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Speaker 1: from Black Pink. She worked with Sony Entertainment's RCA. She

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Speaker 1: released a new song called the rock Star gelsis a

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Speaker 1: non adash of rockstarm make your favorite single. She invited

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Speaker 1: a lot of like a Thai talent and creators and

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Speaker 1: musicians to get involved in her So it's a multinational

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Speaker 1: collaboration that can be just call it as a Korean

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Speaker 1: pop But.

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Speaker 2: K pop companies are also launching new groups from scratch

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Speaker 2: using their tried and true formula for recruiting, molding, and

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Speaker 2: debuting talent.

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Speaker 1: The core process hasn't changed, but there are more auditions worldwide,

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Speaker 1: language lessons during training period, and tons of digital marketing

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Speaker 1: to promote the groups globally.

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Speaker 2: From the get go, getting these groups concert ready is

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Speaker 2: time consuming and expensive.

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Speaker 1: It typically costs about like three to five million to

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Speaker 1: create an idol group, but there are some cases that

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Speaker 1: the costs exceed ten million dollars these days.

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Speaker 2: So he got to meet one of Korea's most promising

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Speaker 2: next generation K pop groups last month at SM Entertainment's

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Speaker 2: headquarters in Seoul. The band is called Rise. They're the

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Speaker 2: ones those fans in la were lining up to see.

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Speaker 1: Is the latest idol group created by a SAM Entertainment.

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Speaker 1: Their music was based on the house music produced by

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Speaker 1: creatives based in US and Europe, and they also got

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Speaker 1: trained by Western hip hop choreographers for new songs, so

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Speaker 1: that resonates more with general audiences. But at the same time,

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Speaker 1: they kept the core value of K pops such as

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Speaker 1: empowering messages, emotional sounds, and phantom communications, so they look

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Speaker 1: very fresh but something very familiar to K pop fans.

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Speaker 2: Meanwhile, Hibe, the label behind BTS, is trying something even

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Speaker 2: more experimental with an all girl K pop group called

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Speaker 2: kats Eye. They released their first single called Debut on

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Speaker 2: YouTube and on the group's website a little over three

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Speaker 2: weeks ago.

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Speaker 1: I don't need know on two trin I'll set oh

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Speaker 1: just how to make a scene, just me mass.

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Speaker 3: As you can hear.

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Speaker 2: Their lyrics are in English, but that's not the only

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Speaker 2: thing that's different about the group.

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Speaker 1: So among the members, there's just only one Korean member

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Speaker 1: and their main stage is not Soul or South Korea.

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Speaker 1: Their main stage is now US and Hollywood.

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Speaker 2: In La Katsi's debut video has already been viewed over

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Speaker 2: three point seven million times. Even with those numbers, so

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Speaker 2: he says that doesn't necessarily mean the group is going

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Speaker 2: to take the world by storm.

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Speaker 1: It's early to say whether they will be successful, but

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Speaker 1: definitely it's a very new thing for the K pop

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Speaker 1: industry because it's a total collaboration with the US record

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Speaker 1: label to create a idol.

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Speaker 2: Group but with only one Korean member, mostly English lyrics,

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Speaker 2: and an American home base. I asked, so he what

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Speaker 2: makes Kat's Eye k pop at all? It's the question

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Speaker 2: that's at the heart of this new.

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Speaker 3: Era for K pop.

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Speaker 1: Yeah, it's a billion pellar question. Denying we're abandoning k

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Speaker 1: or Koreans could be risky if the new groups failed

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Speaker 1: to appeal to both of K pop fans and general

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Speaker 1: music audiences. But if any new projects find a magical

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Speaker 1: way to keep the value of K pop and make

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Speaker 1: a global appeal, I'm pretty sure they will revirite the

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Speaker 1: pop history.

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Speaker 3: For the fans.

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Speaker 2: Bloomberg spoke to outside of that Rise concert in La

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Speaker 2: the embrace of English lyrics and K pop got a mixed.

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Speaker 3: Review vibe It's giving me. It is kind of head

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Speaker 3: or miss.

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Speaker 1: I do somewhat like all the create K pop English songs.

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Speaker 1: I just don't heard it for anyone, just because that's

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Speaker 1: where they rooted, that's where the culture is, that's where

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Speaker 1: they should be.

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Speaker 3: I like to be honest, sing the words out.

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Speaker 1: But it doesn't matter like what language is, as long

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Speaker 1: as it has like a message to the meaning.

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Speaker 2: I like, I don't know.

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Speaker 3: The music really think they're easier for me.

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Speaker 2: So he says it's too early to tell if K

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Speaker 2: pop's new strategy will lead to the next BTS, but

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Speaker 2: the industry is setting its sites even higher.

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Speaker 1: Attempting like Coachella is not enough for them at all,

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Speaker 1: So they want to go stadiums for like the size

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Speaker 1: of Beyonce and Taylor Shift and Coldplay. Their dream now

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Speaker 1: is to perform at the super Bowl.

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Speaker 2: Hot Time show A black pink BTS super Bowl show

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Speaker 2: could be dynamite. That's it for this episode of The

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Speaker 2: Big Take from Bloomberg News.

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Speaker 3: I'm Sarah Holder.

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Speaker 2: This episode was produced by Thomas Lou and Alex Uguia,

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Speaker 2: who also mixed this episode. It was edited by Stacy

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Speaker 2: Vnnick Smith. It was fact checked by Naomi and Thomas Lou.

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Speaker 2: There was additional reporting by Jin Wu and Jeremy Lynn.

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Speaker 2: Our senior producers are Naomi Shaven and Kim Gettelson. Our

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Speaker 2: senior editor is Elizabeth Ponso. Nicole beamsterbor is our executive producer.

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Speaker 2: Sage Bauman is Bloomberg's head of podcasts. If you liked

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Speaker 2: this episode, make sure to subscribe and review The Big

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Speaker 2: Take wherever you listen to podcasts. It helps people find

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Speaker 2: the show. Thank you so much for listening. We'll be

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Speaker 2: back on Monday.