After sweeping the world by storm with their most successful single to date, ‘Dynamite’, BTS has once again outperformed themselves by contributing an estimated 1.7 trillion won (US$1.4 billion) to the economy with their first English single.
Now that they have bagged their first #1 on the Billboard charts and dominated the global stage, it seems that they are also helping out the economy after the devastating impacts of COVID-19. At this point, what can they NOT do?
According to the study done by South Korea’s Ministry of Culture, Sports, and Tourism and a government tourism institute, the critically-acclaimed track would spawn 1.7 trillion won (US$1.43 billion) of financial activity and around 8,000 new jobs.
The study results were acquired from analysing the sales of Big Hit Entertainment, along with statistics from South Korea’s Customs, the Bank of Korea and Google trends search data.
Direct sales from ‘Dynamite’ amounted to 400 billion won (approximately US$336 million) while the increase in exports for merchandise which includes cosmetics, food, and drinks sales accounted for 371.7 billion won (approximately US$312 million).
The impact on the tourism industry was omitted from the study due to the stringent travelling restrictions in light of the pandemic. A source from the study expressed that “…If we take attracting foreign tourists and live concerts into account, and if we additionally consider the synergistic effects of the uptrend in the nation’s image and brand, the economic effect will be even greater.”