The Korean government wants kpop groups to hold more concerts in South Korea rather than abroad
According to the Korea Institute of Culture and Tourism report released on Monday, BTS would create a maximum economic value of 1 trillion won for each concert night in Korea.
During their four-day concert in Las Vegas, BTS members earned 131.5 billion won in revenue from their concerts and related promotions. Sales of glow sticks are 15.3 billion won.
Lee Young Ryeol, a professor at the Seoul Institute of the Arts, pointed out that the immense impact of the Hallyu wave could have positive economic impacts on the Korean economy in general.
Korean food has also been another source of income, with dishes like gimbap, tteokbokki, and steamed galbi costing over 60,000 won ($43 per serving).
The concert was so beneficial to Las Vegas city officials that Democratic Nevada Senator Catherine Masto expressed her gratitude to the band on Twitter.
The report further reveals that the band would have created an economic value of 1 trillion won for the country if such a great concert was held in South Korea.
KTIC adds that South Korea now has a “great portfolio” of popular K-pop groups alongside BTS that can boost that economic value.
Examples such as BLACKPINK, Twice, Stray Kids, NCT and Seventeen were mentioned and the report also notes that all of these groups ” Regrettably announced their intention to perform overseas instead of in Korea. It should be noted that income from overseas concerts is not taxed (not subject to tax) in South Korea.
The number of songs that entered charts fell by 53% and exports to other music industries fell. Compared to the same quarter last year, the Southeast Asia region saw negative growth and Spotify listeners fell by 23%.
Bang Si Hyuk also noted that K-pop is going through a “crisis” as the charts plummeted. Currently, K-Pop accounts for 2% of global album sales. Companies like Universal Studios, Sony Music and Warner Music account for 15-30%, for a total of 67.4%.