Decoding signals: the impact of digital media exposure on K-pop firm performance

Abstract Digital media news has emerged as a transformative force propelling businesses of K-pop firms onto the global arena. Yet, our understanding of how digital media exposure affects K-pop firm performance remains limited. Drawing on the magic bullet theory, this study explores and sheds light on the performance implications of digital media exposure of firms competing in the K-pop industry. Using an extensive panel dataset spanning twenty-four years, our investigation reveals that digital media exposure is positively associated with K-pop firm performance. Importantly, the nature of this impact is intricately tied to the specific narrative styles employed in the digital media discourse.