K-Pop Group BTS Predicted to Have a $1 Billion Impact on the South Korean Economy
By Carl Samson
July 5, 2018
K-pop boy group BTS could impact South Korea’s economy by nearly $1 billion, a government official said.
The seven-member group, whose overseas popularity surged in recent months, may actually be the nation’s biggest stars yet.
Do Jong Hwan, head of South Korea’s Ministry of Culture, Sports and Tourism, told the Segye Ilbo as translated via Allkpop:
“When Psy was active, the economic effect amounted up to about 1 trillion won (~$896 million). I predict that BTS will easily surpass 1 trillion won.”
The minister also urged the nation to support creative talent.
“Bae Yong Joon, through the drama ‘Winter Sonata,’ created an economic value of about 3 trillion won. But when BTS was ranking 1st [on Billboard], the nation did nothing.
“So, there is something that the nation must do. The country needs to foster many creative talents and help thicken the stratum of creative artists.”
BTS, managed by Big Hit Entertainment, debuted in 2013 with “No More Dream.” In their early days, many considered them “underdogs” to more popular groups at bigger labels.
Nonetheless, the septet managed to earn recognition through the years with solid releases, gaining popularity across Asia and eventually making it to the U.S. Their latest album, “Love Yourself: Tear,” debuted at No. 1 on the Billboard 200 charts.
South Korean President Moon Jae-in praised BTS and their fans, ARMY, for the feat:
“Young people all over the world are comforted and find courage because of BTS’ songs and dancing, dreams and passion. I congratulate you on the album ‘Love Yourself: Tear’ reaching No. 1 on the United States’ ‘Billboard 200.’ It’s the first time in 12 years for an album in a language that is not English, and the first time ever for a Korean artist.
“I support BTS’s dreams of reaching No. 1 on Billboard’s Hot 100, winning a Grammy award, doing a stadium tour, and becoming the most influential artists in the world. I also support their fan club ARMY, who are raising their voices together with BTS towards the world.
“BTS, whose name means ‘We’ll block the prejudices and oppression that teenagers experience.’ I will now remember each of the names of the seven boys Jin, Suga, J-Hope, RM, Jimin, V, and Jungkook. As ever, this is a new start. Thank you for sharing profound emotions with our nation’s people and people all over the world through your wonderful selves.”
BTS’s success has easily become a model for other aspiring idols. For this reason, Minister Do called for providing artists the appropriate resources they need to succeed.
“The nation must connect the right mentors for young individuals and provide the necessary time and space for them to work properly.”
Featured Image via Facebook / BTS
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