BTS’s concert in Seoul made nearly 1 trillion won in economic impact

BTS's concert in Seoul made nearly 1 trillion won in economic impact

According to Professor Pyun Joo Hyun’s research, the finale show in Seoul, which was held from October 26 to October 29, alone held a direct economic impact of 331 billion won (approximately $286 million) and an indirect impact of 592 billion won (approximately $511 million). The total direct and indirect impact immediately from the concert therefore is 923 billion won (approximately $796 million), very nearly reaching 1 trillion won.

For the impact in the aftermath of those concerts, the effect they are expected to have is 266 billion won (approximately $230 million), with an indirect impact of 328 billion won (approximately $283 million) expected over the next five years.

The professor’s team explained, “If you compare it to a three-year average of sales, which is about 150 billion won (approximately $129 million), the economic impact BTS created with just three days of concerts is the sum of the annual sales of six midsize companies.”

The team went on to say that the concert attracted some 187,000 foreign visitors to the country, of whom approximately 23,000 attended the concerts, and that an average of 3 in 10 visitors went to Seoul. This resulted in approximately 87,000 more people than average visiting Korea in 2019.

There were some unexpected economic effects of foreign capital in Korea, as well. Due to BTS’s cultural impact, Professor Pyun Joo Hyun said, many foreigners want to study or work in Korea. “This sort of high quality cultural content can attract foreign tourists in numbers comparable to the Olympics, and potentially open a new form of service export.” cr

original post: naver

1. [+658, -13] Anyone can see that Big Hit and BTS are the best!!

2. [+397, -4] 1 trillion won~~~~~ Those are my kids~~^^

3. [+353, -26] I think that BTS doesn’t go to the army will be better for the country…

4. [+189, -2] Look at the world class singer BTS

5. [+53, -0] Wow.. This is crazy…. There’s no need to organize the Olympics to attract tourists, just BTS needs to hold their concerts twice a year… Need a lot of money and manpower to organize the Olympics… And the economic impact of BTS’s concert is too great.. BTS is the best.

6. [+52, -0] I visited Seoul total 5 times from 2018 till now, because of BTS: concerts, exhibition, awards show, House of BTS. I usually stay 4 days average for every time visit, yes BTS is driving huge economic effect that u can’t imagine. Korea really has to appreciate the nation’s #1 artist- BTS!

7. [+39, -2] BTS’s annual economic efficiency is 5 trillion won, 30 times more than a medium-sized company. BTS brings huge economic benefits to Korea, so they deserve military exemption.

8. [+33, -0] I’ve never seen handsome, good, pure, talented and attractive guys like BTS in my life. Of course, there are many beautiful and talented artists. But I think BTS is the best Korean artist of all time.

Categories: Naver