The K-pop industry is growing and contributing greatly to the Korean economy. In particular, BTS is considered to have led this economic industry for the past 10 years and brought huge profits.
Entering chapter 2 of activities, BTS is currently suspending group activities for individual activities. Special members were also announced to enlist soon and in turn until 2025. Most recently, both Korea and the world were shocked with the enlistment event on December 13 of the eldest Jin.
With BTS's enlistment and suspension of group activities, foreign media reported on the huge loss of Korean revenue when the "BTS" economic effect was lost:
Since the 1990s, the wave of Hallyu (Korean popular culture) began to flourish with the coverage of dramas (K-drama) and Korean music (Kpop). The process of this country's "cultural export" is getting more and more favorable as BTS emerges as a global phenomenon thanks to its great influence in all fields.
With the power of idol fandom, global fans do not hesitate to spend large sums of money to buy albums, goods, buy concert tickets, travel, and many other activities that help boost Korea's economy. is different. Not only that, the number of sales and profits that come from BTS's reputation that Korea can get is even more than some of the businesses in this country combined.
According to a survey by Sports Seoul, BTS has ranked first in the Most Powerful Star and Most Influential Boy Groups in Korea for at least 5 years now. Later, the Korean Institute of Culture and Tourism also released a report detailing the expected economic boost that BTS concerts bring to the country in the post-pandemic period.
The report estimates the total economic effect of BTS concerts, from tickets to concerts, merchandise revenue, airfares, transportation, and accommodation costs for tourists who come to Korea to attend. attend BTS concerts. With only 3 days of concert, it brought an economic impact ranging from 620 billion KRW to 1.22 trillion KRW.
In addition, BTS concerts are estimated to have created around 10,800 jobs for individuals. This helps to reduce the record number of unemployed people in Korea during the pandemic.
Even so, since the new year, 2023, Korea will face a big economic hole when BTS starts enlisting. BTS' group activities are frozen while some members can do individual activities and some have to serve in the army.
The enlistment can not help but say that it has an impact on the revenue of BTS, HYBE and even Korea. A foreign newspaper reported that Korea is estimated to lose about 3.9 billion USD after BTS enlists and at least this damage will last for about 2-3 years when BTS returns in 2025.
This loss of revenue is also said to be equivalent to 35 mid-sized businesses in Korea. This is a loss number that is unprecedented in the history of Kpop artists when enlisting in the army. It can show how powerful BTS is when they are a top K-pop boy group.
Not only that, many people also think that Korea has not been proactive in projects like World EXPO 2030 or promoting tourism potential, but seems to be relying on BTS too much. Even when the group enlists in the army, they are expected to be summoned to serve national promotions without being paid.
Meanwhile, many people believe that BTS's comeback in 2025 will still show that BTS's throne in Kpop is second to none. However, the era of K-pop girl groups in the coming years looks set to shine brighter and offset some of the national economic benefit.
