BTS's feat of topping Billboard Hot 100 to see economic effect of 1.7 trillion won
The estimated economic effect of BTS having topped the Billboard Hot 100 singles chart for the first time for a Korean act is 1.7 trillion won ($1.4 billion), the Ministry of Culture, Sports and Tourism said on Monday.
BTS topped the Billboard Hot 100 singles chart on Sept. 1, in the United States, with its latest English digital single "Dynamite" released on Aug. 21.
According to the ministry, the estimate came from the Cultural Industry Research Center within the Korea Culture & Tourism Institute, which calculated the economic effect of the new achievement by taking into account factors such as the sales volume of BTS's agency Big Hit Entertainment, the input-output table published by the Bank of Korea and the import and export data from Korea Customs Service and the Google Trends search count.
The revenue from "Dynamite" was estimated at 245.7 billion won, while export volume of related goods — such as cosmetics, food and apparel — was expected to reach 371.7 billion won.
Production-inducing effects of 1.2 trillion won, value-added inducement effects of 480.1 billion won and employment-inducing effects of employment opportunities for 7,928 people are also expected.
The numbers did not take into account the effects that would have been created by tourism revenue due to Covid-19, which prohibits any concerts or overseas tours from taking place, nor the income from concert tickets that would have been made during offline concerts and national tours.
"The economic effects are expected to heighten even more if we were to take these factors into account afterwards, as well as the effects they will have on our national image and brand value," the ministry said.
Korea also jumped up a step on the Global Innovation Index announced by United Nations subsidiary World Intellectual Property Organization on Sept. 2, from No. 11 to No. 10 this year.
This is the first time for Korea to make it to the top 10 and also the second highest in Asia after Singapore on No. 8, "Thanks to remarkable achievement made by Hallyu [Korean Wave] content such as film 'Parasite' ," according to the ministry.
"This analysis was made to show that BTS's accomplishment has enormous economic effects as well, but their feat goes beyond simple numbers," said Culture Minister Park Yang-woo.
"Their music has become a remedy to people all over the world suffering due to Covid-19, and they have become a national pride once again."
BY YOON SO-YEON [firstname.lastname@example.org]