BTS 'Dynamite' Economic Ripple Effect of 1.7 Trillion Won

Korea Culture and Tourism Institute Analyzes Big Hit Sales and Bank of Korea Input-Output Table
Direct Sales Scale Only 245.7 Billion KRW... Production Induction Effect 1.2324 Trillion KRW
"Including Foreign Tourist Attraction and On-site Concerts Will Increase Further"

[Image source=Yonhap News]

The group BTS, whose song "Dynamite" topped the main US Billboard singles chart, is predicted to generate an economic ripple effect worth 1.7 trillion KRW.

The Korea Culture & Tourism Institute's Cultural Industry Research Center announced on the 7th that, after analyzing Big Hit Entertainment's (BTS's agency) revenue scale, the Bank of Korea's input-output tables, Korea Customs Service's import-export trade statistics, and Google Trends search volume, the direct sales revenue from "Dynamite" amounts to 245.7 billion KRW.

The increase in exports of related consumer goods such as cosmetics, food products, and clothing is estimated at 371.7 billion KRW. The resulting production inducement effect is predicted to be 1.2324 trillion KRW, the value-added inducement effect 480.1 billion KRW, and the employment inducement effect 7,928 people. These figures exclude the effect of attracting foreign tourists due to the spread of COVID-19.

A center official explained, "In calculating the direct sales revenue, we excluded touring concert revenues and applied online concert revenues, considering the reality that on-site concerts were impossible." They added, "If we also consider foreign tourist attraction, on-site concerts, and additional effects such as national image and brand enhancement, the economic ripple effect will be even greater."

[Image source=Yonhap News]

Park Yang-woo, Minister of Culture, Sports and Tourism, also stated, "The actual achievements of BTS far exceed these numbers," and added, "They provided a kind of healing to people worldwide suffering from COVID-19 and once again became a source of cultural pride for the Republic of Korea."

Thanks to BTS's success and the box office hit of the film "Parasite," South Korea's international ranking entered the top 10 for the first time since 2007. South Korea ranked 10th in the "2020 Global Innovation Index" announced by the World Intellectual Property Organization (WIPO) under the United Nations on the 2nd, moving up one place from last year. It is the second highest in Asia after Singapore (8th).

The rise in the "Creative Goods and Services Index" related to cultural industry achievements, from 42nd to 19th, had a significant impact. An official said, "'Film production' rose from 22nd to 13th, 'Cultural and creative service exports' from 54th to 53rd, 'Entertainment and media market' from 19th to 18th, and 'Creative product exports' from 16th to 14th."

This content was produced with the assistance of AI translation services.