BTS will hit 1 trillion won when it performs in South Korea, government report says

BTS will hit 1 trillion won when it performs in South Korea, government report says

The country’s Ministry of Culture and Sports was researching how best to maximize the Hallyu wave’s gains for South Korea’s economy. A recent report based on research from the Korea Institute of Culture and Tourism explains how the Hallyu wave has the potential to generate even more profits for the country through exports — including K-pop, K-drama, K- Food and in particular bts.

The report revealed that more than 80 million K-pop albums will be sold worldwide in 2022. Hallyu’s fan base also increased to 156.6 million people, data from December 2021. The Korea Institute of Culture and Tourism notes that this is a 17-fold increase for fans from data from 2011.

Physical copy of the BTS anthology album “Proof”. | GREAT MUSIC

While K-Dramas has also seen a phenomenal rise in numbers – following the incredible debut of “Squid Game” on Netflix – the report interestingly notes the rise of K-Food in recent years. KTCI attributes this to Hallyu’s power and influence, which can boost South Korea’s image as a cultural powerhouse.

Squid Game | Netflix

Another notable detail of the report was the interest of western media in the developments of K-Entertainment. The quarrel between EMOTIONAL etc COCOA M At little entertainmentThe shares and management rights of were taken as the main example, with the report adding how the news was discussed by major players as CNN and the The Wall Street Journal.

HYBE Chairman Bang Si Hyuk Interview with CNN | CNN

To further prove the investment and boost Hallyu’s popularity can bring to a struggling South Korean economy, the report also focused on analyzing BTS’ famous 4-day concert. Permission to dance on stage in Las Vegas.

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Permission to dance on stage | GREAT MUSIC

Last April, BTS sold out four nights at Allegiant Stadium in Las Vegas. The concert took place on March 8th, 9th, 15th and 16th, where BTS welcomed their American fans as a full group for the last time before announcing their hiatus from group activities. Permission to dance on stage was a huge commercial success, with KTCI noting the revenue generated and how that revenue may increase when such a concert is held in South Korea.

The report noted that BTS raised 131.5 billion won from the concert, including 15.3 billion won from sales of the group’s lightstick alone. Korean food was also another main source of income, with dishes like gimbap, tteokbokki, and steamed galbi costing over 60,000 won.

V from BTS during the concert | GREAT MUSIC

The concert was so beneficial to Las Vegas city officials that Democratic Senator Catherine Masto of Nevada even took to Twitter to express her gratitude to the band.

The Las Vegas Strip celebrates BTS with “Borahaegas” marquees, ARMY’s signature phrase. | GREAT MUSIC

The report further revealed that if such a big concert was held in South Korea, the band would have created 1 trillion won in economic value for the country.

Jungkook during the concert | GREAT MUSIC

KTIC also adds that South Korea now has an “army” of popular K-pop groups alongside BTS that can contribute to this economic value. Examples like NOIRPINK, Twice, stray kids, NKTetc Seventeen were taken, the report also notes that all of these groups have done so “Unfortunately” announced that he would like to perform abroad.

Source: Korea Joong Ang Daily