K-POP ขาลง!? หุ้นร่วง 50% ปัญหาและอนาคตของ Soft Power เกาหลีใต้

Summary

The major Korean label stocks fell sharply, coinciding with the period in which BTS and BLACKPINK were off the market.

The question is whether this is a genuine decline or a transition in the industry.

Goldman Sachs still sees room for step-change growth, in Japan and globally.

Key points

1. 01

   Dependence on a few acts is structural risk

   When most revenue comes from two groups, their hiatus becomes a company-level risk.

2. 02

   Soft power is sustainable only if it can be reproduced

   The real question is whether the system can make new acts fast enough, not whether the old ones are still popular.

3. 03

   The Japanese market is the overlooked variable

   Its size means growth there can genuinely offset weakness elsewhere.

4. 04

   The lesson for Thailand is the system, not the artists

   What Korea built is a production machine, and that is harder to copy than the output.