[Korea Supporter's article] BTS and South Korean economy 상세보기|Bilateral RelationsEmbassy of the Republic of Korea in Nepal

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[Korea Supporter's article] BTS and South Korean economy

DATE: 2020-08-25

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BTS and South Korean Economy (Imelda Lama).docx

Imelda Lama

Started off as a group from a small, not very well known entertainment company “Big Hit” in 2013, BTS (Bangtan Sonyeondan, 방탄소년단) has come along a long way from 7 years ago. In an industry where money and connections influence a lot of things in one’s career BTS sure did not have an easy start. But past all those hurdles and tough times they have made a name for themselves in the Korean entertainment industry. They are breaking records left and right and connecting people all around the world with their music. Helping in making the world a better place by launching campaigns like “Love Myself” in collaboration with UNICEF. They have been named as “Next Generation Leaders” and one of the “Most Influential People of 2019” by the TIME magazine. Words aren’t enough to describe their power and status right now.

As time progresses they have managed to bring people from every corner of the world together thanks to all the songs they have produced in the past years. They are just a group of 7 South Korean boys following their passion of making and sharing music and that has proved to be a success.Their works have been appreciated by the South Koreans and the whole world too.

With every counting day BTS has shown growth in not just themselves but also the economy. Not only limited to their company, they have managed to bring drastic changes in the South Korean economy in general. Reports have shown how greatly BTS affects the economy of South Korea. Analysts have been noticing their impact is not only restricted to music but also influencing their own mother land and culture in many different ways.

In Dec, 2018, the Hyundai Research Institute (HRI) reported 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 Stastista’s analysis of 2018, BTS’ contribution to South Korea’s GDP is almost comparable with Korean Air.

It is an impressive contribution from a Korean artist. HRI predicts that BTS’ 10-year economic impact will reach 56.2 trillion won.

According to an academic report, BTS was also responsible for creating another economic effect of 481.3 billion won from the “BTS 5th Muster (Magic Shop)” concerts alone which were held in Busan and Seoul on June, 2019 (135.5 billion won from the concerts in Busan and 345.8 billion won from concerts in Seoul). For Busan and Seoul, this is equal to the 1.6% and 0.9% of the two cities’ GDP in 2018 respectively.

HRI reports that 796,000 foreigners visit South Korea annually because of BTS, promoting the local tourism industry. According to HRI, one in every thirteen foreign tourists visited South Korea in 2017 thanks to BTS. The numbers prove the impact BTS has on the economy of South Korea. A survey conducted by Korean Tourism Organisation on the most popular spots in South Korea showed that the top 5 locations selected were BTS-related places.

For a group who started from the bottom to have this huge influence in their country’s economy sure is a very proud moment for them. Their hard work has finally paid off and they are nothing but proud of being a citizen of South Korea and helping increase their nation’s economy.

The World Economic Forum (an international forum for powerful business leaders, international political leaders, top economists etc.) made a special report where they talked about BTS and globalisation. BTS’s global success is going against the “cultural odds” because (1) American culture is the main “global” culture around the world (making English the global language) and (2) Korean is not even in the top 10 of the world’s most spoken languages, making their success even more astonishing. BTS are showcasing their Korean culture and language worldwide through their music and ideas fighting against all odds.

BTS has always helped promote Korean culture through various ways. From including Korean traditional instruments in their music to wearing Korean traditional attire in their music videos, they have tried their best to showcase their homeland’s culture.

According to the National Gugak Centre, there was also an increase in demand and interest for Korean traditional sounds resulting in the introduction of sounds of 50 more instruments. This was due to the live performance of BTS’s worldwide hit song “IDOL” at the Melon Music Awards 2018 where they fused traditional Korean sounds with the song attracting both local and global audiences.

For a single Korean artist to make such an impact on the economy, industry and culture of a nation is very rare and for it to be BTS who came from a very small company it was something even they had not imagines of but here we are in 2020 where BTS has impact in all possible sectors of South Korea and also the whole world. The datas prove that BTS is South Korea’s national treasure and pride who is bringing positive influence.

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