9:20 pm - 12/19/2018

BTS’s 10-Year Economic Impact To Korea Expected To Reach Over 56 Trillion Won

Experts have predicted that once BTS hits their 10-year mark, they will have made an economic impact that surpasses even that of the 2018 PyeongChang Winter Olympics.

December 18, the Hyundai Research Institute (HRI) released a report stating that for the period of 2014 through 2023, BTS’s economic impact will reach an estimated total of 56.2 trillion won (approximately $49.8 billion).

It’s a combined figure including production inducement effects (41.9 trillion won) and value-added creation effects (14.3 trillion won) over 10 years.

For comparison, the PyeongChang Winter Olympics this year, according to the Korea Development Institute, achieved a total economic impact of 41.6 trillion won (approximately $36.9 billion).

HRI used a variety of metrics in order to quantify and analyze BTS’s economic effect, including Google trends, regression analysis, interindustry analysis, and more. Per their findings, BTS’s rise in popularity led to a large increase in tourism to Korea as well as export of consumer goods.

According to the report, BTS now brings in an annual average of 796,000 tourists, roughly 7.6 percent of 2017’s total number of 10.4 million.

The group’s average annual contribution to the export of consumer goods is roughly $1.1 billion, which is 1.7 percent of last year’s total consumer exports of $65.2 billion. The HRI report states the industries that saw the greatest effect were clothing, cosmetic, and food, which were bolstered by BTS’s official endorsements as well as their social media presence.

The group’s average yearly production inducement effect is 4.14 trillion won (approximately $3.7 billion), roughly 26 times that of the average yearly sales for a mid-sized company in Korea, while BTS’s average yearly value-added creation effect is 1.4 trillion won (approximately $1.3 billion).

source: @soompi, asiae via soompi
jaelissi 19th-Dec-2018 08:51 pm (UTC)
An argument for military exemption if I ever heard one
b1gay4 19th-Dec-2018 10:32 pm (UTC)
that is an insane number. They are actual living legends.
fadeintoyou 20th-Dec-2018 01:12 am (UTC)

geez those numbers are crazy

sheisagentleman 20th-Dec-2018 02:33 am (UTC)
that sounds...really really stressful. i hope they have friends and family who genuinely care about their health and happiness and not about “success”.
lizanka23 20th-Dec-2018 05:29 pm (UTC)
yeah this doesn't sound like happy news to me. they're already pressured to be international representatives of korea and now they are a big part of the economy's success too. the korean government needs to develop other sectors of their economy more. i usually don't see any articles about how beyonce is a musical export or how much she's contributing to the us economy.
lydzi 20th-Dec-2018 12:18 pm (UTC)

Money can't buy happiness but it certainly helps XD
mallmouse 20th-Dec-2018 09:08 pm (UTC)
I'm not Korean, and of course it's their choice to make, but it is difficult to see how getting enlisted will be a a bigger contribution. Is there any chance the government will step in and actually forbid them from going to the military? I don't see them not getting enlisted otherwise.

And awww@the height difference in that pic. Also the 'sexiest man in the world' hiding behind world-wide handsome. I can totally see why JK came first btw. He def. fits the global male looks ideal the most.
violoncelliste 22nd-Dec-2018 08:33 am (UTC)
bts are at literally every corner in Korea, it's just scary. And they definitely should get a military exemption. No football player can dream
inmortaloves 23rd-Dec-2018 11:18 pm (UTC)
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