South Korean K-Pop band BTS brings $3.6 billion annually to the Country’ Economy. A research institute by Hyundai found that the boy band is worth more than $3.6 billion yearly which is equivalent to the contribution from 26 mid-sized companies.
BTS aka Bangtan Sonyeondan loosely translates to Bulletproof Boy Scouts, are group of young boys were also the reason one in every 13 foreign tourists visited South Korea in 2017. This could have been the reason they were rewarded by Korean Tourism ministry during the Asia Artists Award 2018 #AAA2018
The world boy friend are known for their perfectly choreographed dance, move and stunts. In the past year, have successfully transitioned to the US market. In June this year, the septet became the first K-pop band to top Billboard 100 Charts. With ever growing million followers on social media, Twitter, Instagram and Facebook which are an indication of their global appeal.
Reps at the Hyundai Research Institute told AFP that the band’s international appeal has helped bolster South Korean brands and products abroad.
Researchers estimated that BTS’ annual production inducement effect, which means the economic value added to related industry, totals $3.6 billion annually, which is equivalent to 26 midsized South Korean companies.
The institute also found that 800,000 tourists were believed to have chosen South Korea as their destination last year because of BTS. This figure is more than seven per cent of the total visitors to the country.
BTS stans “Army” as they call themselves, make pilgrimage to South Korea to get closer to their idols.
Also more than US$1 billion in consumer exports, such as clothes, cosmetics, and foodstuffs, were associated with them, it said.
If BTS maintain their popularity they can be expected to generate an economic value of 41.8 trillion won (US$37 billion) over the next 10 years, the institute added.
At this rate, researchers estimate the septet will generate an economic value of $37 billion over the next decade.