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Posted by Sophie-Ha Wednesday, April 20, 2022

"Almost 10 Billion USD?" The huge economic effect on South Korea if BTS holds ten concerts domestically

AKP STAFF

An analysis showed that an economic impact of 12.2 trillion KRW (9.9 billion USD) can be expected if BTS performs 10 times a year in South Korea.

The Korea Culture and Tourism Institute announced on the 20th that “If BTS normally holds a concert in Korea during the post-coronavirus period, the economic ripple effect will reach 677.6 billion KRW (550 million USD) to 1.22 trillion KRW (989 million USD) for one performance.

This estimate is the result of the Cultural Industry Research Center of the Cultural Tourism Research Institute analyzing the economic effects of concert tickets and planned product sales, tourism consumption expenditures, transportation costs, and lodging expenses of foreign tourists.


In order to reflect on the situation such as consumption after the end of COVID-19, the Cultural Tourism Research Institute presented economic ripple effects for each scenario according to the proportion of overseas tourists.

If the proportion of overseas tourists increases to 50%, the demand of consumption for one BTS performance is 742.2 billion KRW (600 million USD), the product consumption is 1.22 trillion KRW (989 million USD), and the value-added effect is 570.6 billion KRW (463 million USD), and the number of employees for these concerts is 18,815 people.

For the analysis, the Culture and Tourism Research Institute referred to BTS's concert in LA in late 2021 and the Seoul concert in March of 2022.


The Cultural Tourism Research Institute explained, “The scope of change in the proportion of inbound tourists was based on internal data from the company that showed that more than 70% of the attendees at LA concerts in the United States last year were from other states outside California or overseas.”

In the case of the Seoul concert, considering that only 15,000 spectators were accommodated per day due to quarantine measures, the number of spectators was calculated based on 65,000 spectators and the proportion of foreign tourists was estimated.

The research team said, “This analysis took BTS concerts as an example, but it shows that holding K-Pop concerts can have a huge impact on our economy. Therefore, I hope that we will be able to overcome the COVID-19 pandemic more quickly by improving related fields such as culture and tourism, starting with the popular music performance industry.”

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  1. BTS
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marisara
marisara1,359 pts Wednesday, April 20, 2022 0
Wednesday, April 20, 2022

BTS keep gaining fans with every concert and performance. Las Vegas concerts were sold out and fans from all over the world came to see them. Their concerts brought a lot of business to Las Vegas. I’m sure fans will come to Korea too and bring business. We are living in difficult times and after the pandemic, all countries need all the money they can get. I can’t wait for their next album!

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Mikihito
Mikihito10,384 pts Wednesday, April 20, 2022 10
Wednesday, April 20, 2022

Hope I can travel to Korea to attend BTS concert soon...

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