The “BTS Effect” on South Korea’s Economy, Industry and Culture
South Korea should be proud of BTS who are bringing so much impact.
Global artist BTS is breaking barriers and records around the world proving their status as the current biggest boy band in the world. They grabbed the number one spots in music official charts in USA, UK, Australia, Canada etc. and had many award wins in music award shows around the world. They performed (and still performing) in the biggest stadiums that hold important historical moments in music. Outside music, they used their global popularity to launch the “Love Myself” global campaign to fight against violence. Their humanitarian work allowed them to give speech at the United Nations as UNICEF’s global ambassadors. Even TIME Magazine called them the “Next Generation Leaders” and one of the “Most Influential People of 2019”. They are making unprecedented history as Koreans and as artists.
But with the passage of time, analysts have been noticing that BTS’s impact is not only restricted to music and humanitarian work, but it is also positively influencing their own homeland and culture worldwide. Several institutes have provided data and results that indicate that the “BTS Effect” is contributing to South Korea in terms of culture, economy and industry in the following major points:
Economic Effect of More than 5.5 Trillion Won per Year
On Dec, 2018, the Hyundai Research Institute (HRI) reported (check the original Korean report here) that BTS generates an estimated amount of 4 trillion won ($3.54 billion) as economic value to the country per year and 1.42 trillion won ($1.26 billion) as added value per year. According to Statista’s analysis of 2018 company revenues report, BTS’ contribution to South Korea’s GDP is almost comparable with Korean Air.
What many don’t realize is that this is an impressive contribution since no Korean artist has brought such a huge economic effect in South Korea. Korean artist Psy brought an economic value of 1 trillion won with his song “Gangnam…