BTS' Billboard win to create economic effect worth W1,700,000,000,000: report
In this file photo taken on Aug. 30, 2020, released by MTV shows K-pop boy band BTS performing during the 2020 MTV Video Music Awards, being held virtually amid the coronavirus pandemic, broadcast in New York. AFP
An estimated 1.7 trillion won (US$1.43 billion) worth of economic effect is expected to be created by K-pop sensation BTS' conquest of the Billboard Hot 100 chart last week, government data showed Monday.
Last week, BTS debuted at No. 1 on Billboard's main singles chart with its latest English-language single "Dynamite," becoming the first South Korean singer or group to achieve the feat.
According to a report co-published by the Ministry of Culture, Sports and Tourism and its affiliate Korea Culture and Tourism Institute, the accomplishment is projected to generate 1.23 trillion won in value created in the production sector and 480 billion won in added value. About 8,000 more jobs are also likely to be created by BTS' first-place entry into the Hot 100 chart.
The value is measured by aggregated revenues of the septet's label Big Hit Entertainment, customs and central bank statistics, and Google Trend data.
The study estimated that Bit Hit will earn a total of 245.7 billion won from global sales of "Dynamite," based on revenue from the group's previous album "Map of the Soul: Persona."
Exports of consumer goods stemming from the debut of "Dynamite" are forecast to increase by 371.7 billion won, including 276.3 billion won from overseas sales of cosmetics and 74.1 billion won from food.
The ministry said it has excluded the win's impact on the local tourism industry, such as an increase in foreign visitors to South Korea, as the COVID-19 pandemic has disrupted overseas travel for months and led to a series of cancellations of concerts.
The economic effect produced by BTS' stellar performance will likely expand further regarding South Korea's improved image and brand value later, the ministry added. (Yonhap)