[ad_1]
BTS’s “Dynamite” is estimated to have caused an economic effect on the scale of 1.7 trillion won (approximately $ 1.4 billion).
Recently, BTS’s new English track “Dynamite” made history when it entered the Billboard Hot 100 chart at No. 1, which is the highest ranking on the chart achieved by an all-Korean group.
On September 7, the Cultural Industry Research Center of the Korea Culture and Tourism Institute shared that their analysis of Big Hit Entertainment sales, Bank of Korea entry and exit declarations, customs statistics, imports Korea Customs Service and Export Trade, and Google trend search volumes reveal that direct sales of “Dynamite” have reached 245.7 billion won (approximately $ 206.9 million).
The increase in exports of related merchandise, such as cosmetics, food and clothing, is estimated to be around 371.7 billion won (approximately $ 312.8 million). The resulting production inducer effect is estimated to be 1.2 trillion won (approximately $ 1 billion), the value added incentive effect is estimated at 480.1 billion won (approximately $ 404.0 million), and the employment induction effect is estimated at 7,928 people. The results exclude the effect of attracting foreign tourists due to the spread of COVID-19.
A source from the research center explained: “In the process of calculating the direct sales scale, we excluded the earnings from concert tours after considering the reality that live concerts are impossible and we implemented the earnings from concerts in line. If we take into account the attraction of foreign tourists and live concerts, and if we also consider the synergistic effects of the upward trend on the image and brand of the nation, the economic effect will be even greater ”.
Park Yang Woo, the Minister of Culture, Sports and Tourism, commented, “The results that BTS has achieved actually far exceed this number. They have not only provided a kind of remedy to people around the world suffering from COVID-19, but they have also become the pride of South Korean culture once again. “
With the strength of BTS and the movie “Parasite”, South Korea has entered the top 10 of the Global Innovation Index for the first time since 2007. In the Global Innovation Index 2020 published on September 2 by the specialized agency of the United Nations World Intellectual Property World Intellectual Property Organization (WIPO), South Korea climbed one place from last year to number 10. After Singapore at number 8, South Korea ranked second among countries Asians.
The results could be due in large part to the increase from number 42 to number 19 in the “index of creative goods and services”, which is related to the performance of the culture industry. A source shared: “South Korea went from 22nd to 13th in ‘film production’, from 54th to 53rd in ‘export of cultural and creative services’, from 19th to 18th in ‘entertainment and media market’ , and from position 16 to 14 in ‘export of creative products’ ”.
Source (1)
How does this article make you feel?
