KOMCA Gives Credit To K-Pop Artists For Drastic Growth Of Music Royalties In 2018
The Korea Music Copyright Association (hereafter KOMCA) has revealed the accumulated music royalties so far for 2018.
According to KOMCA on October 15, the total songwriting royalties for new releases between January 1 and September 30, 2018 were about 15.5 billion won (approximately $13.7 million).
Although this data accounts for only three quarters of the year, it is already a 45.2 percent increase from the 10.6 billion won (approximately $9.4 million) through the full year of 2017.
A source from KOMCA analyzed that K-pop is the No. 1 reason for this growth, sharing, “K-pop artists like BTS, Wanna One, Red Velvet, GOT7, and TWICE, who are making their names known not only in Korea but worldwide, are causing growth of the Korean music copyright market with exponential growth of their album sales.”
KOMCA chairman Hong Jin Young commented, “In these surprising times when BTS, made up of several KOMCA members like Min Yoon Gi (Suga), is on the cover of U.S. weekly magazine TIME, the global K-pop market is nearing $5 billion. Our association will more actively cooperate with the copyright associations of foreign countries that we are mutually contracted with.”