Alex Jensen and Choi Kyungmi KBLA’s special issue reporter discuss the recent #bts successes in the United States and the potential importance of BTS, Kpop Bands and other cultural products in spurring Korea’s economic recovery.
Not only was BTS stunningly successful in their recent Las Vegas concerts selling out over 200,000 tickets over four nights, the entire city was transformed into a mecca for their loyal fans.
Coming back home, the impact of the BTS and other cultural content exports is hard to overestimate. It has been estimated that its estimated that each BTS concert generates between KRW 620B and KRW1.2T worth of economic activity. But perhaps more significantly, The Korea ExIm Bank reports that a rise in music exports correlates to an amazing 17X rise in other Korean consumer goods.
This economic discussion happens as the issue of the BTS members’ national service reemerges. The economic benefit and the super-group is seen as being more than enough by many to have them excluded in the same way as Korean champion athletes are. Others argue that it is a better policy that the members complete their national duty in some way.