BTS: Septet's latest single Dynamite is estimated to have caused an economic effect of 1.7 trillion won?

It's being estimated that BTS has caused an economic effect of 1.7 trillion won, which is USD 1.4 billion approx, thanks to their latest single Dynamite. Read below to crunch the numbers.
BTS: Septet's latest single Dynamite is estimated to have caused an economic effect of 1.7 trillion won?BTS: Septet's latest single Dynamite is estimated to have caused an economic effect of 1.7 trillion won?
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BTS is definitely lighting it up like it's Dynamite! The septet is surely making ARMY proud again and how with their latest single which is on the path of breaking one record after another. Not only did Dynamite make history by earning BTS its first No. 1 on Billboard Hot 100 (the highest-ranking song by an all-Korean group on the chart), but Dynamite MV also holds the record for the most viewed video in the first 24 hours of release on YouTube with 101.1 million views. Moreover, the music video has already crossed 300 million views and makes BTS the fastest Korean group MV to achieve this feat.

But, that's not all! According to Naver via Soompi. Dynamite is estimated to have caused an economic effect of 1.7 trillion won (USD 1.4 billion apprx). Korea Culture and Tourism Institute’s Cultural Industry Research Center shared their analysis, taking into consideration Big Hit Entertainment's sales, Bank of Korea’s input-output statements, Korea Customs Service’s customs, imports, and export trade statistics and Google trend search volumes to come to the conclusion that the direct sales from Dynamite have reached 245.7 billion won (USD 206.9 million).

With the increase in merchandise such as cosmetics, food and clothing items, the estimate is said to be around 371.7 billion (USD 312.8 million) along with the resulting production-inducing effect which is estimated to be 1.2 trillion won (USD 1 billion), the value-added inducement effect estimated to be 480.1 billion won (USD 404 million apprx) and the employment-inducing effect estimated to be 7,928 people. The effect of attracting foreign tourist is negligible to the results owing to the COVID-19 pandemic.

"The results BTS have actually achieved greatly exceed this number. Not only have they provided a type of remedy to people all over the world suffering from COVID-19, but they have also become the pride of South Korea’s culture once again," Park Yang-woo, the Minister of Culture, Sports and Tourism shared his praises for BTS.

BTS is truly a global phenomenon!

ALSO READ: BTS has THIS to say about India being a possible tour destination; Marvel at Dynamite's streaming numbers

Thanks to BTS as well as the Oscar-winning Bong Joon-ho directorial Parasite, South Korea was able to enter the Top 10 of United Nation’s specialized agency World Intellectual Property Organization's 2020 Global Innovation Index at No. 10. After Singapore at No. 8, South Korea was the second-highest ranking amongst Asian countries.

Anonymous 3 weeks ago

That kind of impact and they have to go to the military? Doesn't S. Korea benefit more from just letting them do their thing. But classical artist get a free pass, how much money do they contribute to the economy?

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