The study also projected that the track would generate 1.7 trillion won ($1.43 billion) of economic activity and nearly 8,000 new jobs.
- Last Updated: September 7, 2020, 3:32 PM IST
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Bangtan Sonyeondan is not only breaking records with their new ‘bomb’ song “Dynamite”, they’re also pushing the revenue to new standards.
K-pop sensation BTS’s US-chart-topping single “Dynamite” could generate more than $1.4 billion for the South Korean economy and thousands of new jobs in the country, a government study claimed Monday.
The trailblazing septet cemented their prominence in the world’s biggest music market last week, when the all-English track debuted at number one in the Billboard Hot 100.
The feat had previously eluded rapper Psy, whose Gangnam Style was a global megahit but peaked at number two in the US for seven weeks in the fall of 2012.
The study by South Korea’s Ministry of Culture, Sports and Tourism and a government tourism institute projected that the track would generate 1.7 trillion won ($1.43 billion) of economic activity and nearly 8,000 new jobs.
As well as direct sales of more than 400 billion won, it would lead to nearly 600 billion won of cosmetics sales and almost 180 billion won in food and drinks, the study found.
The estimates were drawn from analysing the sales of the BTS’s label Big Hit Entertainment, along with statistics from South Korea’s Customs, the central Bank of Korea and Google Trends data.
It excluded foreign tourism in the face of tight travel restrictions imposed by Seoul over the coronavirus pandemic.
“If we include the projected tourism revenue down the road… we expect the economic impact to be stronger,” the ministry said.
ARMY’s and BTS stans couldn’t keep calm!
The economic ripple effect of the song ‘Dynamite’ @BTS_twt which took No1 Billboard Hot100 is estimated around 💰 KRW1.7 Trillion (USD1.4Billion) This is analyzed by Korea “Ministry of Culture, Sports & Tourism” and “Korea Culture & Tourism Institute” through the trustable data. pic.twitter.com/siWtEmWyD0
— Soo Choi⁷ a fan of Billboard Hot100 No1 singers 💜 (@choi_bts2) September 7, 2020
A study jointly conducted by the Ministry of Culture, Sports and Tourism and Korea Culture & Tourism Institute finds that the estimated economic impact of @BTS_twt‘s Dynamite is 1.7 trillion KRW (1.43 billion USD) even after accounting for the effect of the pandemic on tourism. https://t.co/PfWTWkfEYu
— doolset🍊 (@doolsetbangtan) September 7, 2020
The effects of Dynamite, one single, has boosted the Korean economy by 1.7 trillion KRW (1.43 billion USD) which has helped create ~8K jobs amidst a global pandemic. @BTS_twt’s cultural and economic impact as musicians is unmatched
— chel⁷ • #1 Hᴏᴛ100 (@del_bangtan) September 7, 2020
Earlier, a Harvard paper had found that BTS accounted for an estimated $4.9 billion of South Korea’s GDP which is more than the contribution of its national carrier.
Also Read: K-Pop Makes it To Harvard Business School Paper For ‘Going Global’ and ARMY Can’t Keep Calm
K-pop — along with K-drama soap operas — has been one of South Korea’s most successful cultural exports and is a key component of the “Korean Wave” that has swept Asia and beyond over the last two decades.
(With inputs from AFP)