BTS Are Worth More Than $3.6 Billion A Year To South Korea
BTS have taken the world by storm, and by doing so they have become one of South Korea’s most valuable musical exports.
According to the Hyundai Research Institute, BTS are now worth more than 4.1 trillion won ($3.6 billion) annually to their home country’s economy.
Researchers have estimated that BTS’s yearly production inducement effect (aka the total economic value generated by related industries) is equivalent to that of 26 of South Korea’s mid-sized companies.
In consumer exports alone, such as cosmetics and clothing, BTS contributes more than $1 billion to South Korea. The group’s growing international appeal has also played a hand in boosting the brand image of South Korean products around the world.
BTS’s widespread popularity has had a significant impact on South Korea’s tourism as well.
The Hyundai Research Institute says that in 2017 one in every thirteen foreign tourists named BTS as their reason for choosing South Korea as their travel destination. That amounts to 800,000 people and more than seven percent of South Korea’s total visitors.
Researchers now predict that BTS could generate as much as 41.8 trillion won ($36.9 billion) over the next 10 years for South Korea, if they maintain their popularity over time.
