An ominous change of KPop's direction is plaguing it
At the end of the 1st quarter of 2024, exactly one song, from Babymonster (in anticipation of them being a successor of BlackPink), had a view north of 100 million.
The hit songs of 2024 in KPop mostly had views lower than 50 million, a far cry from the days when songs which exceeded 50 mil views on the first 24 hrs came out every month.
Fifty Fifty did kill KPop, in a way it did not anticipate. Although Jeon Hongjun's tantrums (yes, it is tantrum - I don't pay attention to whatever he is doing now since it will go nowhere just like everything he has ever done), did save the idol system, the change of direction did take place and now every hit song is easier-listening, with lower views (read: less relevant to the international fans).
Even BM's new song, while retaining some of the old YG style, is notably softer than the regular stuff YG produced.
The formula which put KPop to the top of the world is now gone, and IU's style of sleepy songs has won, ironically when she had abandoned that style herself.
The whole rise of easier listening music downscales it, although they are liked by the companies since they cost less and bring more immediate profits.
But long term it loses foreign fans since they have their brand of easier listening songs.
I do not think the return of BTS (BP does not count since Teddy has left YG so whatever YG might give to it will be just Teddy copycats) will change that. The trend has changed decisively, and it is very possible that even if BTS returns, some easier listening song will beat its comeback song, ending its return attempt.