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| ▲ This photo, provided by Big Hit Music, shows BTS. (PHOTO NOT FOR SALE) (Yonhap) |
SEOUL, Apr. 20 (Yonhap) – As there have been great interests in K-pop concerts due to the lift of all COVID-19 distancing rules, K-pop superband BTS is expected to reach the economic effect of a maximum of a trillion won if they normally hold the concert in Korea.
Korea Culture & Tourism Institute said on Apr. 19, “If BTS holds the concert in Korea in the “post-COVID” era, the economic effect per concert will reach around 619.7 billion won to 1.2207 trillion won.
The institute calculated the economic effect by aggregating BTS concert tickets, merchandises, sales, expenditure on tourism, transportation expenses, and lodging expenses while assuming the situation after the pandemic.
When supposing that the stadium, where BTS concert is held, can accommodate 65,000 audiences, if the foreign fans fill the 20 percent of the population, the ripple effect per concert will reach 619.7 billion won.
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| ▲ This photo, provided by Korea Culture & Tourism Institute, shows the estimation of economic effects of BTS concerts in "post-COVID" era. (PHOTO NOT FOR SALE) (Yonhap) |
It is estimated that the effect will even run to 920.2 billion won when the overseas audiences account for 35 percent.
If the proportion increases even higher to 50 percent, the ripple effect will reach 1.2207 trillion won while the value added inducement will reach 570.6 billion won. The employment inducement of holding the concert was around 10,815 people.
The institute predicted that the concerts of K-pop singers, including BTS, could have a huge economic impact.
The BTS concert held in Seoul in March only received 15,000 audiences per day due to the COVID-19 quarantine guidelines, and the proportion of not only the entire audiences but also foreign viewers is expected to increase when the concert is normalized in the future.
The institute explained that the economic ripple effect may be even greater if there is an increase in the tendency of “revenge spending” on cultural performances.
It added, “We hope that BTS concerts can mark the start of the post-COVID era so we can quickly overcome the pandemic by activating related fields, such as culture and tourism, starting with the performance industry of popular music.
(This article is translated from Korean to English by Kim Sun Min.)
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