BTS the seven members of the South Korean boy band from Seoul recently became a worldwide phenomenon. The success they are gaining through their music is massive. With every counting day, BTS has shown growth not just in themselves but also in the economy of South Korea.
The analyst has been noticing their impact is not only restricted to music but also influencing their own motherland and culture in many different ways.
In December 2018 the Hyundai research institute (HRI) reported that BTS generates an estimated amount of 4 trillion won ($3.54 billion) as economic value to the country. According to academic report, BTS was also responsible for creating the economic effect of 481.3 billion won from the 5th muster which was held in Busan and Seoul on June 2019 (135.5 billion won from concerts in Busan and 345.8 billion won from concerts in Seoul).
The group is worth 5 million dollars to South Korea’s economy, contributing to a surge in tourism and increasing the appeal of South Korean products. According to the business insides, BTS is worth 3.8 billion a year to South Korea in tourism and merchandise exports associated with.
HRI reports that 796000 foreigners visit South Korea annually because of BTS. BTS has come a long way from 7 years ago. They are breaking records left and right and connecting people all around the world with their music.
BTS global success is going against the “cultural odd” because American culture is the main global culture around the world and Korea is not even in the top 10 of world’s most spoken language making their success is even more astonishing. They become the first group since the Beatles to earn 3 no.1 album in less than a year, and the first group in history to simultaneously hit#1 on Artist 100, Hot 100 and Billboard 200. They broke the record for the most viewed music video in 24 hours with 74.6 million views. They surely made a worldwide impression just how they broke into the American music industry.
Success like theirs is unprecedented. The economic ripple effect of their recent song Dynamite which took no.1 in Billboard Hot 100 is estimated around 1.4 billion ( KRW 1.7 trillion). In the car industry, BTS are currently the global ambassador’s of Hyundai Motor’s received 600 billion won ( $504 million) in promotional results from collaboration with the group. BTS is considered as the face of South Korea.
If BTS maintain their popularity they will contribute a projected 56.16 trillion won ($48 billion) to the country’s economy by 2023. BTS has 40 million fans all around the world. They call their fans ‘ARMY’. Their fans are known to be the biggest and most inspired fan base of the world.
They have been creating a positive impact all around the world by creating movements and raising money for charity in the name of their idols. BTS donated $1 million to ‘Black Lives Matter’ and their fans also raises $1 million with hashtag #MatchAMillion and donated to Black Lives Matter’. They spread the message of ‘Love yourself, speak yourself”. They motivate their fans to workout for their dreams.
The data prove that BTS is South Korea’s national treasure and pride who brings positive influence and helping increase their nation’s economy.
Submitted by Saweera Sabir, Date 31 January 2021.