After years of growth driven by physical album sales, the K-pop industry is now undergoing a major structural shift. While album sales have declined from their peak, overall revenue continues to expand as companies diversify into concerts, merch sales and paid fan services, reshaping the role of physical albums. Rather than signaling a downturn, industry officials describe the change as a move away from volume-based sales toward participation-driven consumption, where albums function less as music carriers and more as gateways to fan engagement. According to the Circle Chart, cumulative album sales for the top 400 releases in 2025 reached about 90.9 million units through November, down roughly 2.56 million from the same period a year earlier. The long-cited benchmark of 100 million albums sold annually, once treated as a symbolic marker of K-pop’s expansion, has now fallen short for a second consecutive year. Boy band Stray Kids led album sales with nearly 7 million units, followed by Seventeen, NCT Wish, ENHYPEN, BOYNEXTDOOR and ZeroBaseOne. While leading acts continue to post multim