BTS “Dynamite” is estimated to have caused an economic effect on South Korea that is worth about 1.7 trillion won (approximately $1.4 billion).
BTS first ever English track made history when it entered Billboard’s Hot 100 chart at No. 1. A feat that hasn’t been achieved by any other Korean act.
On September 7, the Korea Culture and Tourism Institute’s Cultural Industry Research Center shared that their analysis and its making headlines everywhere. The research center analyzed Big Hit Entertainment’s sales, Bank of Korea’s input-output statements, Korea Customs Service’s customs, imports, and export trade statistics, and Google trend search volumes, they estimate that the direct sales from “Dynamite” have reached 245.7 billion won (approximately $206.9 million).
But that’s not all!
There is also a ripple effect, there has been an increase in exports related to merchandise such as cosmetics, foods, and clothing items and it is estimated to be around 371.7 billion won (approximately $312.8 million). This results in around 1.2 trillion won (approximately $1.0 billion) of ripple effect on the Korean economy. The value-added inducement effect is estimated to be 480.1 billion won (approximately $404.0 million), and the employment-inducing effect is estimated to be 7,928 people.
South Korea was able to enter the top 10 of the Global Innovation Index for the first time since 2007 due to BTS and the film “Parasite.”
On September 2, the 2020 Global Innovation Index released by the United Nation’s specialized agency World Intellectual Property Organization (WIPO) put South Korea rose at No. 10.