BTS’s win on Billboard expected to create 1.7 trillion won economic effect: report

An economic effect estimated at 1.7 trillion won ($ 1.43 billion) is expected to be created by conquering K-pop sensation BTS from the Billboard Hot 100 chart last week, government data showed Monday.

Last week, BTS debuted at number one on Billboard’s top singles chart with their latest English single “Dynamite,” becoming the first South Korean singer or group to accomplish the feat.

According to a report co-edited by the Ministry of Culture, Sports and Tourism and its affiliate Korea Culture and Tourism Institute, the achievement is projected to generate 1.23 trillion won in value created in the production sector and 480 billion won. in added value. Around 8,000 more jobs are also likely to be created by BTS’s entry into the top spot on the Hot 100 list.

The value is measured by aggregate revenue from the Big Hit Entertainment septet label, customs and central bank statistics, and Google Trend data.

The studio estimated that Bit Hit will earn a total of 245.7 billion won from global sales of “Dynamite,” based on revenue from the group’s previous album “Map of the Soul: Persona.”

Consumer goods exports stemming from the debut of “Dynamite” are forecast to increase by 371.7 billion won, including 276.3 billion won from overseas cosmetic sales and 74.1 billion won from food.

The ministry said it has excluded the impact of the victory on the local tourism industry, such as a surge in foreign visitors to South Korea, as the COVID-19 pandemic has disrupted overseas travel for months and sparked a number of of concert cancellations.

The economic effect produced by BTS’s stellar performance will likely expand further with respect to South Korea’s improved image and brand equity later on, the ministry added. (Yonhap)