Economic Effect of BTS’s Single ‘Dynamite’ is estimated at 1.7 Trillion Won
An analysis conducted by the Ministry of Culture, Sports and Tourism revealed that the economic effect of ‘Dynamite’ the new single of the South Korean idol group BTS is estimated at 1.7 trillion won. The single which is also the first Korean act ever to claim the number one spot on the Billboards is the fastest video on YouTube to score 300M views in 15 days.
According to the study direct sales from Dynamite was estimated at 247.5 billion won. This was after considering the group’s massive success with their previous album Map of the Soul: Persona.
The increase in exports of consumer related goods like cosmetics and clothing was estimated at 371.7 billion won and is expected to cause a production effect of 1.23 billion won and an added value induction effect of 488.1 billion won. The Billboard topper is also expected to generate jobs for approximately 8000 people. However, all these reflect only a part of the single’s effect, especially because of the current COVID-19 situation. Calculations on the impact of the direct sales excludes the touring performances and instead considers the online concert sales. The effect on the tourism industry of Korea has also not been considered with travel restrictions put in place globally.
The analysis was conducted after taking into account the combined sales volume of Big Hit Entertainment, Bank of Korea input output statements, the Korea Customs Service’s import and export trade statistics, and the Google trend search volume.
BTS’s massive success along with the other popular Korean content has also improved Korea’s ranking in the 2020 Global Innovation Index. According to the index released by the World Intellectual Property Organization under the United Nations, Korea was ranked 10th for the first time since 2007. The country is also the 2nd highest amongst Asian countries with Singapore in the 8th place.
