Impact of BTS on South Korean Economy
Introduction
The "seven deemed misfits" in the K-POP
industry during the time they debuted, but little did the world know that 7
years later they would become the “Biggest Boy Band” of the world. Yes,
we are talking about BTS- Bangtan Sonyeondan (Bulletproof Boy Scouts).
But do you know that BTS is adding an estimated $5
Billion to the South Korean economy a year? How did the rise of BTS lead to
various economic and social effects on the economy? Let’s find out.
The Rise of BTS
Economic Impact of BTS
According to
TIME Magazine, BTS is one of the “Most Influential People of 2019”. From
grabbing the number 1 spot in iTunes in 104 countries, breaking Adele’s
longstanding iTunes record, to giving a speech at United Nations as UNICEF’s
global ambassadors for their humanitarian work, they have made great strides
towards music and humanitarian work. But BTS’s impact is not limited to that
only.
- Increase
in the Korean GDP: According to the Hyundai Research
Institute (HRI) report in 2019, the overall economic effect of BTS is 5.56
trillion won ($4.9 billion) per year in South Korea (as of 2019). No
Korean has brought this huge of an economic impact n South Korea.
According to the same report, BTS had an annual effect of $2.026 billion,
$2.8 billion, and $3.96 billion on Clothing, Cosmetics, and food,
respectively. BTS also endorsed various brands, including Samsung, Louis
Vuitton, McDonald's, Hyundai, Fila, Puma, Chilsung, Cider, and Kloud,
which saw a remarkable increase in their sales and brand reach.
- Increase
in Tourism: According
to HRI, 796,000 foreigners (7.6% of the total 10.41 million) visit South
Korea annually because of BTS, helping the local tourism industry. The
Seoul Metropolitan Government gave credit to BTS for helping to recover
the Seoul tourism industry, which was negatively affected by the THAAD
ban.
- Increase
in the Korean BOP: According to the Bank of Korea Economic
Statistics System, the South Korean BOP for music and entertainment
reached USD 114.7 million in the first quarter of 2019, with one of the
driving factors being the global success of BTS.
Other Effects of
BTS
- The
promoter of the Korean Culture & Language: According
to the World Economic Forum, BTS’s global success is going against the
“cultural odds” as (1) American culture is the “global” culture around the
world (making English the global language) and (2) Korean is not even in
the top 10 of the world’s most spoken languages, making their success even
more surprising.
- Change
of Law: Until
2021, all able-bodied South Korean men are required to enlist in the
military for about 20 months once they turn 28, if not sooner. But South
Korea’s National Assembly, enamored of BTS’s global success, came to BTS’s
rescue by passing a revision of the country’s Military Service Act. The
revised law lets top K-pop stars like Kim Seokjin postpone their military
service until they turn 30.
- Invitation from White House: BTS met US President Joe Biden in the White House on June 2, 2022. BTS talked about their experience with anti-Asian hate. They also shared that they had been mocked before for their appearance. They feel surprised that music from South Korea is now reaching people around the world, breaking languages and cultural barriers.
Conclusion
The dedication
of the BTS members and their fans has been part of a global movement of
individuals acting on the most pressing issues in present times. The band is
inspiring the public to create lasting change in the global fight to defend the
planet and defeat poverty.
Various
contributions of BTS on humanitarian grounds, including BTS's partnership with
UNICEF to end violence against children, inspired others to donate money and
resources to aid students in need of financial assistance, provide funds of USD
1 million to Black Lives Matter to support racial justice initiatives, and
grants to health institutions, teaming up with Love Food Bank and many more.
Their journey
has inspired millions and made us realize that no one is perfect by giving
hope, comfort, and strength. Most importantly, their act of urging people to
love themselves and speak for themselves is what makes the best boyband
existing out there.
What are your
views on the same? Let us know in the comment section.
References:
- https://www.globalcitizen.org/en/content/bts-takes-action-global-citizen-live/
- https://bit.ly/39cewlV
- https://www.vox.com/culture/2018/6/13/17426350/bts-history-members-explained
- https://bit.ly/3GUrWPX
- https://www.cheatsheet.com/entertainment/how-did-bts-become-so-famous-around-the-world.html/
- https://bit.ly/3zmb5nw
- https://m.facebook.com/TheScribbledStories/photos/a.1157506880929759/3862032913810462/?type=3
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