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[Focus on BTS 03] BTS Economic Impact (ENG SUB)

[Focus on BTS 03]  BTS Economic Impact (ENG SUB)


The 280,000 seats for the BTS concert were all sold out through Europe and North America region This big hit recorded nearly $80 million and this economic effect does not seem to stop This amazing BTS syndrome has brought tremendous economic ramification and Korea is not the only country focusing on this effect. So, how big is the economic impact BTS has brought? The first keyword is $80 million! This amount of money is the revenue of its agency the Big Hit entertainment. Before BTS, it was just a small office room where its agency operated, but the representative Shi-Hyuk Bang put all of his energy into turning BTS a complete musician. The strength the Big Hit Entertainment has is its bond. They do not play solo, but gather together and move as one whole unit. This unity made BTS what we see today Also, it’s impressive that the group has been a huge success even though it does not belong to any of the big three entertainment businesses. Finally, BTS grew and became a world-class artist and the Big Hit Entertainment achieved a huge success We can see the asset of the company soared from $5 million in 2015 to $50 million in 2017, that about 10 times went up. Also, sales went up from $10 million to $ 80 million during the same period of time, which almost 8 times went up The second keyword is $3.5 billion! Thanks to the increasing number of foreign tourists, production was induced even more. The number of tourists keeps growing to see the BTS concerts in Korea, For instance, the ‘BTS Tour’ which allows tourists to visit where BTS has been to is a popular tourist attraction. A small train station in Yangju, Korea in 2017 There is a bus stop in the music video and the fans wanted it to stay. Also, there is a runway in an airport in Jechon, Chungbuk and the fans do not stop visiting there. The economic impact is just on the beginning stage and it can be billion dollars’ business all over the world. (Jeong Min, HRI)
The induced production effect from foreigners visits and exporting goods is $4 billion per year, and value-added effect is estimated to be $1.2 billion. The third key word is the impact of advertising by recognition earned. Along with BTS, products, music, style, and fashion are all being consumed together. The economic impact is enormous. This economic consumption enhances national brand, and gives more confidence about how fashion and music are led by Korea. When BTS’ awareness increased by 1point, the average annual increase in BTS’ profile is expected to be around $230 million for clothing, $420 million for cosmetics and $450 million for food. As BTS gets more popular, the sponsoring companies can enjoy its advertising benefits including automobile, cellphone, finance and beauty advertising and this brought him on the top of the brand power. The power BTS has is amazing. For example, the number of Youtube subscribers in the banking channel is about 10,000. We’ve reached 50,000 people without special marketing, most of which is thanks to the BTS fans. A total of 270,000 accounts were added. The balance is about $200 million, and this amount is 5 times more than a regular saving product. Also, BTS has created huge economic value by collaborating with the character business of ‘Line Friends’ and it’s the BT21 character designed by BTS that brought success. The BT21 character was supported not only by Korean fans but also the ARMY fans in the U.S, Hong Kong, Taiwan, and Japan. This brings us to the fourth Keyword, the ARMY the fandom. The ARMY is special in my perspective. They see BTS in a more familiar and friendly way, which is something more comfortable than looking at them as a star. When we do this, If artists interfere with their growth, they do not do that. It played a role in evolving the fandom culture. We visited one café in Gangnam area to hear stories from an ARMY fan. Other fandom works one-way, while ours works with two-way communication. It makes us want to talk to them more and this is what brings our relationship longer and tighter. BTS went through a huge success but we still feel close and we can feel genuine friendship from them. BTS is really different. (Time magazine with BTS as a cover model) This is not sold in the country, so I’m asking other people to help me We can’t quit my job I do not think you will succeed at buying concert tickets at once. and we constantly want a good seat. That requires more money for us to buy the tickets and the goods, and so on. What do these two people think of the economic impact of BTS? There are a lot of us If somebody mentions about BTS in Tweeter, it hits 10k view easily (Topic of the BTS proven by the number of retweets) because the other ARMY fans keep spreading them. This shows how big and powerful BTS is. When BTS commercials are uploaded to SNS such as YouTube and Twitter, they will spread quickly throughout the world through Retweet. It is figuratively the ‘ARMY’ impact since the ARMY fans support and back up In fact, the official BTS twitter account was twitted the most in 2018. The power of the ARMY fans is beyond our imagination. Recently the consumption trend has shown the consumer does not only consume and buy but also engage in producing things, which we call a ‘pro-sumer’. This impact can be found in BTS, for instance, the products from BTS are consumed by the fans while they upload the promotion videos Then, the impact spreads quickly and the endorsement earns credit. This is how BTS and trust in them work together. The last keyword is K-Pop’s global spread. Following PSY’s Gangnam style, there were no K-pop singers who continued his success and media thought the K-POP wave would end back in 2015. Then, BTS revitalized the K-POP and they were driving K-pop back to the upside down it was BTS that ignited on K-POP again after the Gangnam style in 2012 It was BTS who rekindled the K-pop wave that I thought was over. BTS cover videos that are constantly coming up on YouTube BTS not only contributed to spreading K-pop globally, but also gave new hope to friends who dream of K-pop singer We met students who majoring in K-pop at university while dreaming of becoming the next BTS I’ve dreamed of being an idol group since I was little BTS is always my favorite group I always wanted to be like BTS. Now thanks to BTS because of the public’s expectation has increased a lot In the case of us, we practice daily without day and night to reach a certain level. K-pop artists and experts who work in K-pop’s defense analyzed that Korean Wave culture should be consumed with culture as well as music Through such efforts, like KCON, go directly overseas Korean culture and products are becoming known along with K-pop That’s why various booths have been installed around the concert hall, and it’s like trying Korean food and experiencing certain products in Korea. What kind of preparation will it take to generate economic revenue as the K-pop wave brought by BTS continues to grow? The first is to make efforts to advance the cultural industry of Korea through the spread and evolution of the Korean Wave Second, we need to proactively use Korean Wave to continuously spread our corporate brands and products to the world Third, we need a strategy to develop domestic tourism resources and attract foreign tourists Assuming that BTS continues to be popular for the next five years, overall, the production inducement effect is expected to be around USD 35 billion over the next 10 years BTS has emerged as a global artist by recording and has become the new success myth of K-pop The reason why BTS exists today is that it was able to maintain its own value without being swayed by outside conditions and the environment The economic ripple effect that spreads around the world with BTS global syndrome will be significant The record will not stop here. (Park So Hyun, Actor)
I have been interested in BTS Music even their first album I was so happy to narrate the fact that everyone is sympathetic in the world I will continue to support BTS. I love BTS

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