'Walking Conglomerate' BTS and their impact on Korean economy
- 5 years ago
'걸어 다니는 대기업' BTS, 경제효과 연 5조 6천억원
Global K-pop sensations BTS are smashing record after record,... and the Korean economy is also benefitting from their sky-high achievements.
Seo Bo-bin has the report
South Korean K-pop stars BTS have had massive success in the global music charts, and this success is trickling over to the Korean economy.
As global awareness of BTS rises, more foreign tourists are visiting Korea and exports of Korean consumer goods are increasing.
According to the Hyundai Research Institute, the impact of BTS on the Korean economy last year is estimated at 4-billion-9-hundred-30-million US dollars. This is about 26 times the average revenue of a local mid-sized firm.
The economic impact mainly seems to come from the effect of advertising through SNS or YouTube. Advertising linked to BTS is a key factor for companies' profits and that can lead to an increase in consumer goods exports as well.
From when BTS debuted until end of last year, it has been estimated that an average of 8-hundred-thousand foreign tourists per year have visited South Korea due to BTS.
Clothing, food and beverages exports have also benefited, with cosmetics exports increasing by zero-point-72 percentage points for every 1 index point increase in awareness of BTS.
With such impact, BTS has been given the name 'walking conglomerate' and their success has put many other K-pop artists in the spotlight as well. With the support of their loyal fanbase, BTS will likely continue to boost the Korean economy.
Seo Bo-bin, Arirang News.
Global K-pop sensations BTS are smashing record after record,... and the Korean economy is also benefitting from their sky-high achievements.
Seo Bo-bin has the report
South Korean K-pop stars BTS have had massive success in the global music charts, and this success is trickling over to the Korean economy.
As global awareness of BTS rises, more foreign tourists are visiting Korea and exports of Korean consumer goods are increasing.
According to the Hyundai Research Institute, the impact of BTS on the Korean economy last year is estimated at 4-billion-9-hundred-30-million US dollars. This is about 26 times the average revenue of a local mid-sized firm.
The economic impact mainly seems to come from the effect of advertising through SNS or YouTube. Advertising linked to BTS is a key factor for companies' profits and that can lead to an increase in consumer goods exports as well.
From when BTS debuted until end of last year, it has been estimated that an average of 8-hundred-thousand foreign tourists per year have visited South Korea due to BTS.
Clothing, food and beverages exports have also benefited, with cosmetics exports increasing by zero-point-72 percentage points for every 1 index point increase in awareness of BTS.
With such impact, BTS has been given the name 'walking conglomerate' and their success has put many other K-pop artists in the spotlight as well. With the support of their loyal fanbase, BTS will likely continue to boost the Korean economy.
Seo Bo-bin, Arirang News.