The Return Of BTS Concerts In Korea Could Bring Over 1 Trillion KRW To South Korea’s Economy
Following the re-opening of South Korea, estimates show that the return of BTS concerts and the tourism that comes with could bring over ₩1 trillion KRW (about $806 million USD) to the country’s economy.
The Korea Culture and Tourism Institute released a report detailing the expected economic boost BTS concerts could bring to the country during the post-Corona era. The report estimated the total economic effect of BTS concerts, from concert tickets, merchandise sales, airfare and transportation, and travel expenses for tourists choosing to visit South Korea again to attend a BTS concert.
The Korea Culture and Tourism Institute assumed that a BTS concert would be held for three days at a venue that could hold at least 65,000 spectators such as Seoul Olympic Stadium or Seoul World Cup Stadium. If just 20% of the concert attendees were foreign visitors, the economic impact would bring ₩620 billion KRW (about $500 million USD) to the country’s economy.
But if 35% of the spectators are foreign visitors, that number increases to ₩920 billion KRW (about $742 million USD) and if the foreigner percentage reaches 50%, ₩1.22 trillion KRW (about $984 million USD) would be brought into the economy. In addition, the reintroduction of BTS’s concerts would create an estimated 10,800 jobs for individuals.
The report summarized their findings by stating that not just BTS concerts, but concerts by all K-Pop artists, will have a great impact on the Korean economy.