The Economics Behind The Music

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K-POP VERSUS BOLLYWOOD
                                       
The Music Industry, as we know it, is nothing short of amazing talent and deep pockets that run it. One of the major music industries in Asia, is in India, Bollywood, churning out around 1800-2000 movies a year with at least 1 song in them, and then there is the K-Pop. K-Pop is an abbreviation for Korean Pop or Korean popular music. It is a music genre consisting of electronic, hip-hop, pop-rock and R&B music originating in South Korea with more than 150 artists and bands. Psy's Gangnam style which swept the world in 2012, introduced many Indians to the world of K-Pop. In South Korea, also in 2015, through another variety show 'Exciting India', members of 5 biggest boy bands -Super Junior, Shinee, EXO, Infinite and CNBlue- had visited India.
Recently, 2 K-Pop groups performed and debuted in India- Lucente and Snuper. There are a significant number of K-Pop fans in India across all states. Many participants from India have won top prizes at K-Pop contests in South Korea. Mizoram based dance group 'Immortals Army' won 2nd prize at the 2017 Changwon K-Pop World Festival and Priyanka Mazumdar from Assam won 3rd prize in 2016. The rising number of BTS's (Bangtan Sonyeondan) Indian fan base lead to their new feature-film ‘Burn The Stage-The Movie’, released in India. The movie was screened in over 45 cities. This shows the enthusiasm and the probability of rise of K-Pop fans in India in future.
India is welcoming the wave of K-Pop, Hallyu with more than just a bit of excitement. But it is not just in India, it is a global popular phenomenon that has shaken the entire pop-culture, with multiple collaborative projects taking place between K-Pop stars and mainstream artists.  Some of the popular K-Pop bands are aiming for the most  top-tier award shows such as the Billboard Awards and Grammy Awards, and are getting nominated as well as rewarded with wins.
Bollywood, on the other side, is a film-focused industry with a parallel music industry.  Bollywood music is near and dear to many Indians' hearts as well as ears. Known for its grandiose and at times for its tomfoolery vibe, the Indian music industry also has its own place internationally. Indian references have frequently appeared in K-Dramas (Korean Dramas) as well and in variety shows since long back. Daler Mehndi's ‘90s hit 'Tunak Tunak Tun' till date pops up in many K-dramas and variety shows. However, having been in the same game of music and pop since the 1960s, just like K-Pop, why hasn't ever Bollywood blown up to the proportion that K-Pop recently has? Sure, Bollywood movies have a large fan base across the globe with superstars like Shah Rukh Khan and Rajinikant being adored world around, but when it comes to Bollywood music, it is rarely celebrated with as much razzmatazz as K-Pop is.
On closer inspection, both of these multi-million industries are heavily funded, as they are required to be. K-Pop, being primarily funded by South Korea based entertainment companies such as Bighit (22.7 Million USD), JYP (15.1 Million USD), reap huge profits through sale of music albums and concert tickets. Bollywood is majorly financed by either big studios such as  Dharma Productions (2.7 million USD), Yash Raj Films (122.7 Million USD), Viacom 18 (15 Million USD)  or sponsored by big-time celebrities involved in those projects. They earn profits through the popularity of the movies. Having a history of being funded by the underworld and its black money, Bollywood has seen huge investments back in its day. So, from where we stand, both the industries, when it comes to finance, are more or less at par.  Then why is it that one of them is spreading like wildfire around the world while the other stays stagnant? Is it due to lack of good artists? Lack of visual aesthetics? But then artists like A. R. Rahman are admired and hired internationally, and Indian music videos are one of the most colorfully rustic sights to witness on the Internet. So, where is it failing?

Sonia Palankar
SYBA

Isha Gokhale
SYBA

Icon Credits:
Sanjana Dhuri
FYBSc

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