The song of the summer is a topic of annual controversy in the United States. “Butter” by Korean pop group BTS seemed to be the consensus this year, or at least it did until “Butter” was overtaken by “Permission To Dance,” also by BTS. Stacey Vanek Smith, host of our podcast The Indicator From Planet Money, investigated the band that has grown into a worldwide economic powerhouse, generating millions of employment, billions in revenue, and even influencing South Korea’s GDP.
BYLINE: STACEY VANEK SMITH Tamar Herman is a South China Morning Post reporter and the author of “BTS: Blood, Sweat, and Tears.” She claims that having a song of the summer, much less two songs of the summer, is little more than a blip for BTS, who have been on an almost unfathomable run of success.
TAMAR HERMAN: It’s simply that they’re so large. You can’t just look at BTS and say, “Ah, this is the same cloth reshaped.” It’s not an old fabric; it’s a brand-new one.
BTS fans are committed, VANEK SMITH. They began bringing in so much money in the last several years that the South Korean government decided to try to quantify the band’s economic impact. Park Chan-Wook is the Korea Culture and Tourism Institute’s chief of cultural industry research.
PARK CHAN-WOOK: (Through interpreter) We have some instruments from the Bank of Korea that can assist us in making projections, allowing us to evaluate the impact of sales growth spilling over into other industries.
VANEK SMITH: During the pandemic, BTS hosted an internet concert that grossed more than $70 million in ticket and merchandise sales. However, as Park Chan-Wook points out, there is a significant ripple effect. BTS’s popularity is boosting tourism to Korea, language study, and interest in Korean films, television, fashion, and cuisine. BTS is anticipated to bring in $5 billion per year to South Korea. That’s around a fifth of the country’s total economy.
PARK: (Through interpreter) Fandoms have a big influence and have begun to spread globally with the success of BTS.
BTS supporters are known as A.R.M.Y., and there are large A.R.M.Y. groups in the Philippines, Indonesia, Brazil, and The Indicator. Michael He’s one of our interns and a great BTS fan.
VANEK SMITH: According to journalist Tamar Herman, this is not rare. Many of BTS’s followers, she says, A.R.M.Y., bond with the band and with each other by studying these songs.
HERMAN: Literally, as in a linguistics lesson – so this word signifies this, but it may also refer to the Korean situation and history.
What is the economic contribution of BTS to Korea?
In addition, BTS made a $1.43 billion contribution to the Korean economy. According to a survey conducted by the South Korean Ministries of Culture, Sports, and Tourism, as well as Korea Culture & Tourism, the cash gained by that single song helped to provide 7,928 jobs during the COVID-19 pandemic.
Kpop accounts for what percentage of Korea’s GDP?
K-pop has been around for decades and, since 1999, has had a huge impact throughout Asia. From the first to the fourth generation of K-Pop, the economy of South Korea has grown along with it. The growing popularity of the K-pop industry has allowed the Korean wave, also known as Hallyu, to spread K-pop to other countries. The Hallyu effect has had a significant impact on Korea’s GDP, accounting for 0.2 percent of the country’s GDP in 2004 (about $1.87 billion). In 2019, Hallyu boosted the Korean economy by an estimated $12.3 billion.
Are BTS members multi-millionaires?
In South Korea’s largest IPO in years, K-pop artists BTS have become millionaires / Twitter. RM, Suga, Jin, Jimin, J-Hope, V, and Jungkook will all become billionaires as a result of Big Hit Entertainment’s initial public offering, which will raise roughly $820 million.
What proportion does BTS add to the Korean economy in 2021?
JAKARTA, Indonesia BTS, a South Korean boy band, has become one of the country’s most successful cultural exports. Their achievement is said to have resulted in up to $5 billion in revenue for the state.
BTS is said to generate up to IDR 71 trillion each year, according to an NPR conversation. At the very least, that amount is equal to 0.5 percent of South Korea’s GDP. This sum is expected to rise after 2019, when the Butter singer contributed $4.65 billion.
According to the Hyundai Research Institute research, BTS made 4.14 trillion won in revenues in 2018 from their three-day Seoul concert and album releases, which sold millions of copies.
BTS’ relationship with McDonald’s food outlets, which created BTS Meal, has also had an impact on their earnings. They were also created as House Ambassadors by the Louis Vuitton fashion house.
A variety of brands, including Samsung Galaxy, FILA shoes, Hyundai, Baskin Robbins, Coca-Cola, and others, have collaborated with BTS.
BTS also tops the list of K-pop singers who are reasons to visit South Korea, according to a poll done with 12,663 participants from August to September 2019.
As a result, hallyu has evolved from a popular culture phenomenon to a force for improving South Korea’s international image.
Last September, BTS gave a speech at the United Nations General Assembly in New York, United States. They brought the Lost Generation theme at the time, which told the story of young people in the midst of the COVID-19 pandemic.
How much money does BTS make?
Between June 2019 and June 2020, BTS members earned a total of $50 million, or almost $7 million each member, thanks mostly to their touring profits.
What has BTS meant to Korea?
According to an academic assessment, BTS was also responsible for a total economic impact of 481.3 billion won from the “BTS 5th Muster (Magic Shop)” performances in Busan and Seoul in June of this year (135.5 billion won from the concerts in Busan and 345.8 billion won from concerts in Seoul).
What makes J-Hope the wealthiest?
J-Hope makes the most of his money as a member of BTS via selling CDs and traveling. J-Hope released his solo mixtape in 2018, and it promptly charted on the Billboard 200, making him the highest-charting K-pop solo act ever.
Are BTS members billionaires in South Korea?
Members of the K-pop group BTS have become multimillionaires when the stock of their agency, Big Hit Entertainment, skyrocketed on its first day of trade. Bang Si-hyuk, the founder of Big Hit, is presently South Korea’s fifth richest person.
Is Jin from a well-to-do family?
Kim Seok-jin released his debut independent song, Tonight, in 2019. Fans reacted positively to his song. Furthermore, Tonight has received nearly 9 million views. Kim has reportedly appeared as a host on many South Korean music shows in addition to singing.
Also see: Is Jin Leaving BTS? Why was his photo removed from Google’s search results?
Is Jin from a rich family?
According to rumors, Jin’s father is a well-known CEO, and his family is one of Korea’s wealthiest families. Kim Seok-jung is Kim’s older brother. Kim Seok-jung is the CEO of Ossu Seiromushi, a restaurant with two locations, which he co-owns with Jin. Ossu Seiromushi is a traditional Japanese restaurant in the Japanese manner.
Also see: #ThankYouJin Trends On Twitter After BTS Celebrates ARMY Day, See Posts
Kim Seok-jin birthday
Jin, a member of BTS, was born on December 4, 1992. Physical Education was the 27-year-favorite old’s subject in primary school. Kim Seok-zodiac jin’s sign is Sagittarius, and according to sources, BTS’ Jin has wanted to be a ‘idol’ since he was a child.
Ayushmann Khurrana, a Bollywood star, is a fan of BTS singers Jimin, V, and Jin.