Experts assume that the South Korean economy will be boosted by BTS. Bangtan Boys or BTS is a South Korean boy band founded in 2010 and launched in 2013 under Big Hit Entertainment. Jin, Suga, J-Hope, RM, Jimin, V, and Jungkook are part of a septet that co-writes and co-produces a lot of their own material. Their musical approach has expanded to incorporate a wide spectrum of genres after beginning as a hip-hop ensemble. Their songs, which are frequently centered on individual and interpersonal commentary, address issues such as mental health, adolescent problems and coming of age, loss, the struggle to accept oneself, and individualism. Their work frequently incorporates connections to literary and psychological issues, as well as an alternate universe plot.
Everyone knows that BTS is a global economic force. Their concerts are of a high production value and they are also a very popular idol group in the world. The tune of the summer is a topic of annual controversy in the United States. “Butter” by Korean pop group BTS seemed to be the consensus this year, or at least it did until “Butter” was overtaken by “Permission To Dance,” also by BTS.
Also Read: ARMY’s Reaction To BTS Comeback 2022 Announcement – Excitement Knows No Boundaries
Korean Culture and Tourism Industry Releases New Report Regarding BTS
The Korean Culture and Tourism Industry stated that BTS can easily raise 10 billion dollars for the South Korean economy by hosting just 10 concerts this year. So by this calculation, BTS can raise approximately 989 million dollars with the help of a single concert. Both the ticket sales generated from the concert and the tourism produced by BTS holding a concert in South Korea can boost both tourism sales and the entertainment quotient seen in South Korea.
On the basis of data analysis of the people who attended the BTS concert in Los Angeles, the Korean Tourism Industry found out that over 70% in attendance were people who came from outside Los Angeles, California. This played a significant role in boosting the tourism industry in California. The tourism industry will also play a significant role when it comes to reviving the South Korean economy after the pandemic economic recession.
Taking another example of Las Vegas, the Korean Tourism Industry also found out that BTS was able to make a whopping 40 million dollars on their final night. While most of their ticket sales came from people buying the e-ticket, which totaled over 24 million, the actual physical ticket sales also amounted to 16 million dollars.
Check This Out: Celebrities that Attended the BTS “Permission to Dance” Concert in Las Vegas
Park Chan Wook makes the impact BTS has on the South Korean economy in 2021
Park Chan Wook is the president of the Korean Tourism Industry. Back in 2021, he had made a similar observation, wherein he expected that if BTS held their concerts exclusively in South Korea, due to the boost in tourism alone, the economy would be given a boost of 5 billion dollars. Since BTS has been on a streak of success for the past couple of years, Park Chan Wook was confident in his analysis which basically ascertained that people from all over the world would easily be able to spend a couple of thousand dollars just to see this hip-hop/pop international sensation in person.
Park Chan Wook appeared on NPR’s podcast last year, and with the help of an interpreter, he stated that they have a variety of tools that could help them estimate the monetary and financial impact of BTS on the Korean economy. While the concerts that BTS does are exclusively related to the entertainment industry, the Bank of Korea, along with the Korean Tourism Industry could easily estimate the financial impact that could potentially spill out from BTS hosting their concerts in their home country.
Vanek Smith from NPR was also quick to add that the total amount of money that BTS earned, calculating their merch sales and ticket sales, they could have easily earned 70 million dollars. Even if BTS does not hold physical concerts in South Korea, by the virtue of their ethnicity being Korean is incentivizing people to delve deeper into the Korean culture. Therefore, people from all over the world are taking an interest in the Korean entertainment industry and are making conscious efforts to travel to Korea, boosting their economy by 5 billion dollars. So indirectly or directly, BTS is actually contributing 0.5% to the national GDP.
Also Read: BTS New Album “We Are Bulletproof” What To Expect?
