Following reports of ITZY and NMIXX's sharp decline in album sales between comebacks, JYP Entertainment has released a statement on the matter. Keep on reading for all the details.
JYP Entertainment Releases Statement Concerning ITZY & NMIXX's Decline in Album Sales
Among the Big 4 companies in K-pop (SM Entertainment, JYP Entertainment, YG Entertainment, and HYBE Labels), JYP saw a great decline in the stock market. According to experts, the performance of one of JYP Entertainment's biggest girl groups, ITZY, caused the stock price to plunge.
On January 8, 2024, ITZY released their album, "BORN TO BE." Upon release, the album received a lukewarm reception. Compared to their previous release, their first-week sales plummeted significantly. For reference, "BORN TO BE" sold only 318,000 copies in its first week of release, while "Kill My Doubt" sold 823,700 copies within the same period.
NMIXX, another highly anticipated girl group under JYP Entertainment, is also going through the same crisis. Their second EP, "Fe3O4: BREAK," sold only 130,000 copies on the first day. Their previous album, "A Midsummer NMIXX's Dream," sold 720,000 copies within that same timeframe.
Experts believe that the reason why the two groups' album sales decreased so significantly is because Chinese fanbases have reduced group purchases of albums.
Following several reports noting the slugging performance of their album sales, JYP Entertainment has released a short statement on the matter. They acknowledged that their planning and promotions were less powerful compared to during TWICE's heyday and that they failed to read the wishes of the groups' fandoms.
"JYP Entertainment's plans and promotions are less powerful compared to when we debuted TWICE, who used to lead girl groups together with YG Entertainment's BLACKPINK and SM Entertainment's Red Velvet. The rapid decline in NMIXX and ITZY's performances shows that JYP failed to read the wishes of their fandoms."
Additionally, the agency pointed out that the number of ITZY albums shipped out was around 800,000 copies. However, first-day sales only counted 320,000 copies sold. JYP Entertainment explained that some parts of the exports were not counted due to how album distribution is done overseas.
Other Reasons Why ITZY & NMIXX Album Sales Are Declining
When Bang Si Hyuk, the Chairman of HYBE, appeared on "You Quiz on the Block" last year, he brought up the possibility that a K-pop crisis could occur as a result of the genre's over-reliance on strong (or heavy) fandom rather than light (or casual) listeners.
Read also: ITZY's Relevance Scrutinized Due to 'Declining' Album Sales: 'Their journey is quite sad'
Bang Si Hyuk claimed that the K-pop market relies largely on strong fandom and fandom devotion. This idea is proven by the fact that album sales of idols have dropped in China, one of the world's largest music marketplaces, as a result of a decrease in bulk purchases. Furthermore, others have explained this phenomenon as the K-pop industry moving from a heavy to a light fandom.
Though it's possible that the recent declines in ITZY and NMIXX album sales do not indicate risk, the bulk purchases from the Chinese market did have a big impact on them. It is undeniable that China's massive fanbase culture has crumbled. As a result, everyone is interested in the steps JYP and other entertainment companies will take to preserve the influence of their idols' fan base.
Some considered the mistakes in the Hanteo Chart and Circle Chart, two domestic album sales charts. After an album is released, Hanteo tracks the exact number of copies sold in physical outlets in real time. Meanwhile, the Circle Chart records the number of album shipments made by record labels. This could lead to an inconsistent album count, leading many to not know the true number of albums sold.
What do you think of the situation? Tell us in the comments below!
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Written by Alexa Lopez
