Economics Professor of Korea University Reveals BTS’s Massive Impact on the Korean Economy
The research team of Professor Pyun Joo Hyun of Korea University‘s Economics Department recently revealed a report titled, “The Economic Effects of BTS’s Events: 2019 Final Concerts“.
The report covers BTS‘s Seoul concerts which took place on October 26, 27, and 29, and according to their findings, those 3 concerts caused an economic impact of around 923 billion won (~$793 million USD).
Pyun Joo Hyun’s research team calculated that BTS’s 3 concerts in Seoul caused a direct economic impact of 331 billion won (~$285 million USD) and an indirect economic impact of 592 billion won (~$509 million USD).
The direct economic impact results from profits made from ticket sales, venue rental fees, V LIVE relay fees, and more.
The indirect economic impact results from increased rates of consumption as well as their influence on tourists visiting Korea from abroad.
What’s surprising about these numbers is the fact that BTS’s economic impact from their 3 concerts is equal to those of 6 middle standing enterprises of Korea.
With BTS’s popularity still growing, there’s a lot of anticipation for what’s to come in the coming years.
