Alliance Entertainment Sees Explosive Sales and Future Growth with K-POP

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[{"type":"text","content":"K-POP Sales Increase 55% to $32.0 Million Over Previous Year\nPLANTATION, Fla., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Alliance Entertainment Holding Corporation (Nasdaq: AENT) (“Alliance Entertainment”, “Company”), a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles, today announced that it has shipped over 2.0 million units representing $32.0 million in K-POP sales during the twelve months ending July 31, 2023. This represents a 55% increase over the previous year of approximately 1.3 million units shipped and $20.7 million in K-POP sales. With several other major K-POP acts scheduled to be released throughout the balance of 2023, this exponential sales growth is expected to continue. K-POP, or Korean popular music, is driving enormous consumer demand and sales growth in physical music media, particularly in the Compact Disc market. Alliance Entertainment and its AMPED Distribution division are at the forefront of capitalizing on and fulfilling this demand through partnerships with domestic major and independent labels and importing directly from Korean based labels through AMPED. “K-POP is absolutely on fire with big new release shipments going to retail in August and October from multiple artists,” said Jeff Walker, CEO of Alliance Entertainment. “It is no longer only BTS and a couple other bands, this is now a significant genre of music worldwide. K-POP has helped revive the CD business and we cannot wait until these titles move to vinyl, which will be fantastic for the K-POP fans.” According to music industry data, nine out of the top ten CD best sellers for 2023 are K-Pop releases, driven by key artists such as ATEEZ, Twice, Stray Kids, BLACKPINK, NCT 127, NewJeans and Tomorrow X Together. Featuring elaborate packaging and multiple versions of releases, fans are encouraged to collect and own as many variants as possible. With an average retail price of $20-$25 per package, fans have been known to spend upwards of $200 to own every version of their favorite bands release. Additional industry data has shown that 69% of K-Pop fans are more likely to be motivated to purchase music by a desire to “show support” for their favorite artists. With multiple releases throughout the year, it creates many opportunities to serve their rabid fanbase. Maj...

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