1.7 trillion won worth of economic effect (approximately $1.4 billion) is expected to be produced by the all-English hit single of BTS, "Dynamite" to South Korea!
Previously, the new English-language track of BTS made history when it topped the Billboard Hot 100, which became the highest-ranking on the chart achieved by an all-Korean group's act.
As per Soompi, The Korean Culture and Tourism Institute's Cultural Industry Research Center, on September 7, shared that their analysis of Big Hit entertainment's sales and Bank of Korea's input-output statements reveals an amount of 245.7 billion won (approximately $206.9 million) direct sales from "Dynamite."
The sales also include income from Korea Customs Service's customs, Imports and export trade statistics, and Google trend search volumes
An estimated 371.7 billion won (approximately $312.8 million) increase was recorded in exports for related merchandise such as cosmetics, foods, and clothing items. The resulting production inducing effect is estimated to be 1.2 trillion won (roughly $1.0 billion), while the value-added inducement effect is estimated to be 480.1 billion won (approximately $404.0 million).
Furthermore, the employment-inducing effect of the BTS phenomenon is estimated to be 7,928 people. The results, however, exclude the impact of attracting foreign tourists due to the spread of COVID-19.
According to the research center, in calculating the scale of direct sales, they have excluded the profits from concert tours after considering the reality that live concerts are impossible. They have implemented profits from online shows instead. "The economic effect will be even more significant if we take attracting foreign tourists and live concerts into account, including the synergistic effects of the uptrend in the nation's image and brand.
Additionally, the Minister of Culture, Sports, and Tourism, Park Yang Woo, said that the results BTS have significantly achieved exceed the number. Not only that, they have 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 one again.
