Wednesday, January 19, 2011

What is the risk and reward that companies have when developing idols?

With 2011 already off to a speedy start, the Korean music industry has been gearing up for plans of a new ’smart idol’ development to the Hallyu wave, in what is currently known as idol economics.

The Korean idol industry has been recognized as being top tier in dancing, singing, and looks, and the training system has received acceptance from international industries as well. A widespread amount of investments are made into trainees, with top companies like SM Entertainment investing millions into producing their line of idols. The idol industry itself has been report to be making billion a year.

The fruits of their endeavor can be seen in Japan, the center of the Hallyu wave. Korean artists such as SNSD, KARA, 4minute, and 2PM are plastered near the entrances of record stores; and three to four groups of Japanese youth can be seen browsing the Korean section at any given instant.

Yoshida Jun, the Shibuya branch manager of Tower Records, exposed, the sales of Korean idol group albums have rise 40% in 2010 compared to sales of 2009. With the debut of Korean girl groups such as SNSD, KARA, and 4minute, beside with the rising popularity of FT Island, the teens to 20s consumer base has been created.

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