Concerts and Fanmeeting of BTS in Korea Reported to Create Economic Effects Worth Almost 500 Billion Won
BTS will soon be completing a series of long world tours. "Speak Yourself" concert tour will be closed on October 27-29 at the Seoul Olympic Stadium, Korea.

Even though it hasn't officially ended, apparently BTS has a fantastic profit. Fanmeeting and BTS concerts in Busan have recently been reported to have created economic effects worth nearly 500 billion won.

Reporting from the Yonhap media outlet, the research team led by Pyun Ju-hyun, a business professor at Seoul Korea University, stated that BTS produced a total of 481.3 billion won in the fanmeeting "Muster 5" at June 15-16. This automatically has a direct and indirect economic effect on the country because it is responsible for 345.8 billion won.

The research team produced these figures by reducing local expenditures for concerts, including the cost of renting a concert venue, hosting an event, travel costs for band staff accommodation, and merchandise sales revenue. In addition to direct costs, the research team also considered the assumptions of indirect economic impacts, such as the promotional effects of concerts on cities in attracting local and foreign tourists because BTS impact.

The report later said the economic effects of 135.5 billion won from BTS concert in Busan accounted for 1.6 percent of 2018 gross domestic production. The corresponding ratio for Seoul was 2018 GDP reaching 37.2 billion won. 

"Research verifies the importance of the cultural industry as an engine of economic growth," said Pyun professor Hyun-jun. "I hope that events like this can serve as a good window to improve the local economy and create foreign demand for a Korean tour."

Meanwhile, BTS will also be performing at the King Fahd International Stadium in Riyadh, Saudi Arabia on October 11, 2019. BTS was the first foreign artist to hold a solo concert at a large-scale stadium in Saudi Arabia and was said to have a major influence on Saudi Arabia. (www.onkpop.com)
 

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