Fortune: "Korea Misses Annual 5 Trillion Won Revenue Opportunity Due to BTS Enlistment"

BTS Eldest Jin to Enlist for Active Duty Within the Year... Other Members to Fulfill Military Service Sequentially
BTS Members Expected to Participate in Public Service or National Events During Military Service

On the afternoon of the 15th, the concert "Yet To Come in BUSAN," held to support the bid for the 2030 Busan World Expo, took place at the Busan Asiad Main Stadium. Photo by BigHit Music.

[Asia Economy Reporter Park Hyun-joo] Foreign media reported that South Korea is losing the opportunity to earn tens of billions of dollars annually due to the enlistment of the group BTS. Jin, the eldest member of BTS, is expected to cancel his enlistment postponement at the end of this month and enlist for active duty within the year.

On the 18th (local time), the US economic magazine Fortune cited a report published by the Hyundai Research Institute in 2018, stating, "BTS contributes more than $3.6 billion (about 5.12 trillion KRW) annually to the South Korean economy," adding, "This amount is equivalent to the combined scale of 26 mid-sized companies." The report estimated that in 2017, one out of every 13 tourists visited South Korea because of BTS. It also analyzed that about $1.1 billion (approximately 1.56 trillion KRW) was earned through exports of consumer goods such as merchandise and cosmetics in one year.

Fortune quoted experts saying, "From 2014 to 2023, BTS is expected to generate $29.1 billion (about 41.4 trillion KRW) in added value to the South Korean economy." It also noted, "BTS has significantly contributed to South Korea's wealth and shaken the financial market," pointing out that "following BTS's announcement of a hiatus in June, the stock price of their agency HYBE plummeted by about a quarter."

Meanwhile, BTS is scheduled to fulfill their military service sequentially, starting with eldest member Jin (30, Kim Seok-jin). Big Hit Music, a subsidiary of HYBE, BTS's agency, announced the day before, "Jin will apply to cancel his enlistment postponement at the end of this month and follow the Military Manpower Administration's enlistment procedures," adding, "Other members will also fulfill their military service sequentially according to their respective plans."

BTS members are expected to participate in public service or national-level events even during their military service. At a regular briefing that day, Moon Hong-sik, acting spokesperson for the Ministry of National Defense, said regarding the scope of performances allowed after BTS's enlistment, "If there are national events for public interest or events conducted for national benefit, and if the individual wishes, opportunities to participate will be provided," adding, "I understand that such opportunities are currently provided to some soldiers who have already enlisted."

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