The Impact Of BTS On South Korea Will Reach $49 Billion By 2023, Experts Suggest

Published Categorized as Kpop

Despite their humble beginnings, BTS have gone to break so many records and bring so much to their country in the process.

Experts of the Hyundai Research Institute (HRI) have released a very interesting report; they predict that the value of BTS once they reached their 10th-year-mark will be 56.2 trillion won (approximately $49.8 billion).

Meaning BTS will already be able to surpass the impact the 2018 PyeongChang Winter Olympics had on the country.

How did they reach that figure?

According to the HRI, the figure is a combination of their production inducement effects (41.9 trillion won) and value-added creation effects (14.3 trillion won) over 10 years.

In comparison, the PyeongChang Winter Olympics held earlier this year had the impact of 41.6 trillion won (approximately $36.9 billion).

The experts used many metrics in order to correctly quantify BTS’s economic effect on the country. They used metrics such as Google trends, regression analysis and many others. BTS’s huge rise of popularity is greatly impacting the country; there is an increased level of tourism as well as exports of consumers goods which relate back to BTS’s effect.

BTS brings an average of 796,000 tourists/yearly, this accounts for around 7.6% of the total number of tourists visiting South Korea in 2017, which was 10.4 million.

As for exports of consumer goods, they roughly value at $1.1 billion yearly, which is around 1.7% of the last year consumers export valued around $65.2 billion.

South Korea is exporting clothing, cosmetics and food in relation to BTS; this is affected by BTS’s endorsement of certain products through CFs as well as the effect of their social media presence.

Summing it up, BTS hold about 4.14 billion won (around $3.7 billion) in annual production inducement.

Experts tried to analyze BTS’s success and find reasons as to why they’re so irresistible and have reached such a global level of success, their success according to findings is attributed to their lyrics which talks about youth issues, their active and continuous communications online with fandom as well as the support of ARMY.

Source: (A)

By Jass K

Hi, I am Jass k. the founder of Jazminemedia, in this site, I share my thoughts on the stories me and my team cover. I also review and recap kdramas, all the reviews and recaps in this blog are written by me. I've been a fan of kdramas since 2012 and counting~ Join me as I discuss some of the hottest currently airing kdramas, and if you have any requests for a kdrama review, please let me know in the comment section of any article.

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