BTS Dynamite To Have Caused An Economic Upshot Of 1.7 Trillion Won

BTS Dynamite To Have Caused An Economic Upshot Of 1.7 Trillion Won

BTS Dynamite evaluated to have an upshot on the scale of 1.7 trillion won that is around (USD 1.4 billion).

Recently, BTS English rack “Dynamite” made a remarkable history when it debuted on Billboard’s Hot 100 chart at No.1 position that is the highest-ranking on the chart achieved by any Korean Artist ever.

BTS Dynamite profit to South Korea Economy
Photo | Big Hit Entertainment

On September 7, Korea Culture and Tourism Institute’s Cultural Industry Research Center revealed that their study of Big Hit Entertainment’s sales, Bank of Korea’s input-output statements, Korea Customs Service’s customs, imports, and export trade statistics, and Google search volumes trends reveal that direct sales from “Dynamite” have reached 245.7 billion won that is USD 206.9 million.

Dynamite Profit To Korea Economy
Photo | Big Hit Entertainment

The immense increase in exports for related merchandise such as cosmetics, foods, and clothing items is estimated to be around 371.7 billion won (approximately $312.8 million). The result of the production-inducing effect is estimated to be 1.2 trillion won (approximately USD 1.0 billion), the value-added inducement effect is estimated to be 480.1 billion won (approximately USD 404.0 million), and the employment-inducing effect is estimated to be 7,928 people. The results eliminate the effect of attracting foreign tourists due to COVID-19.

Informer from the research centre explained,

“In the process of calculating the scale of direct sales, we excluded the profits from concert tours after considering the reality that live concerts are impossible, and we implemented profits from online concerts. If we take attracting foreign tourists and live concerts into account, and if we additionally consider the synergistic effects of the uptrend in the nation’s image and brand, the economic effect will be even greater.”

Minister of Culture, Sports, and Tourism, Park Yang Woo commented,

 “The results BTS have achieved greatly exceed this number. Not only have they provided a type of remedy to people all over the world suffering from COVID-19, but they have also become the pride of South Korea’s culture once again.”

Related: Here Is The Reason Why BTS Break The Silence: The Movie is Delayed

Due to the power of BTS and the film “Parasite,” South Korea has entered the top 10 of the Global Innovation Index for the first time since 2007. In the 2020 Global Innovation Index released on September 2 by the United Nation’s specialized agency World Intellectual Property Organization (WIPO), South Korea rose one place from last year to rank No. 10. Following Singapore at No. 8, South Korea ranked the second-highest among Asian countries.

The results could be mainly due to rising from No. 42 to No. 19 in the “index of creative goods and services,” which is related to cultural industry performance. A source shared, “South Korea rose from No. 22 to No. 13 in ‘film production,’ No. 54 to No. 53 in ‘export of cultural and creative services,’ No. 19 to No. 18 in ‘entertainment and media market,’ and No. 16 to No. 14 in ‘export of creative products.'”

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