K-pop superstars BTS’ recent feat of topping the Billboard Hot 100 chart will generate an economic effect of 1.7 trillion won (about $1.43 billion or P69.7 billion), according to the Korean government.
Korea’s Ministry of Culture, Sports and Tourism (MCST) and the Korea Culture and Tourism Institute issued a report on Sept. 7 that estimated the impact of the Hot 100 achievement that made BTS the first Korean artist to top the chart with their new single “Dynamite.”
The report estimated that the idol group’s feat will generate a value of 1.23 trillion won ($1.03 billion or P50.35 billion) in the production sector and 480 billion won ($404.1 million or P19.65 billion) as added value for a total of 1.7 trillion won. A total of 7,928 jobs will also be created as an effect of the Hot 100 achievement.
Of the total, the economic effect in the production sector and added value combined will be 624.9 billion won for the Hot 100 achievement; 802 billion won in cosmetics export; 232.8 billion won in the food sector; and 52.6 billion won in the clothing sector.
According to the report, BTS will generate 245.7 billion won (about $207 million or P10 billion) in sales from “Dynamite” based on the sales of the group’s “Map of the Soul: Persona” album that was released in April 2019.
In addition, the report estimated that exports of Korean goods will increase because of “Dynamite”: 276.3 billion won in cosmetics, 74.1 billion won in food and 21.3 billion won in clothing for a total of 371.7 billion won (about $313 million or P15.24 billion).
The report based its data on Big Hit Entertainment sales figures, Bank of Korea, Customs office, and Google Trend search data.
South Korean President Moon Jae-in congratulated BTS for the feat, saying, “It is truly amazing. It is a splendid feat that further raises pride in K-pop.”
“Dynamite” was released on Aug. 21 and it set new records. It became the biggest music video Premiere on YouTube with viewers of over 3 million peak concurrents.
It also captured the No. 1 spot as the most viewed music video in the first 24 hours of release with 101.1 million views.
As a result, Guinness World Records declared that “Dynamite” set three new records: most viewed YouTube video in 24 hours, most viewed YouTube music video in 24 hours and the most viewed YouTube music video in 24 hours by a K-pop group.