2. New, Insights into the worlds most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development. Real progress requires wrestling power away from Koreas corporate stars, the chaebols. BTS fans queue outside Busan Asiada stadium to attend the band's free concert in South Korea on October 15, 2022. And BTS is touching a lot of stuff. K-Pop and the economic impact on South Korea. Korea Percentage: Urban regions Percentage 2014 Korea (red) Permanent immigrant inflows Indicator: 11/02/2022 U.S. Airlines' September 2022 Fuel Cost per Gallon Up 0.6% from August 2022; Aviation Fuel Consumption Down 5.4% from Pre-Pandemic September 2019 10/28/2022 BTS Updates Datasets to National Transportation Atlas Database As the BTS economy booms, the broader one is producing precious few hits of its own, reform-wise, to sustain growth in a $1.7 trillion trading power facing headwinds. industries; and "Economy and Society", which Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Insights into the world's most important technology markets, Health Market Outlook South Korea gdp for 2019 was $1,651.42B, a 4.26% decline from 2018. She says as big as having a song of the summer is - much less two songs of the summer - this is like a blip for BTS, which has been on a streak of success that's almost hard to fathom. Valerie Macon/Agence France-Presse Getty Images. please visit our agency website, Your contact to the Infographics Newsroom, Find your information in our database containing over 20,000 reports, Find a brief overview of all Outlooks here, Tools and Tutorials explained in our Media Centre, A recent article by U.S. magazine Hollywood Reporter, Our infographics team prepares current information in a clear and understandable format, Relevant facts covering media, economy, e-commerce, and FMCG topics, Use our newsletter overview to manage the topics that you have subscribed to. The South Korean company most comparable to BTSs contribution was Korean Air, which earned revenues of $11.65 billion 0.7 percent of GDP - in 2018. And in every case, everything sold out. Analysts project that BTS will have contributed a staggering $29.1 trillion USD to South Korea's economy between 2014 and 2023, continuing to prove just how substantial of an . Credit: Carolin von Petzholdt / CC-BY-3. Band member Suga told THR, As long as our bodies hold up, well be doing the same thing in 10 years., [Photo: Bauzen/GC Images via Getty Images], Fast Company & Inc 2022 Mansueto Ventures, LLC, BTS accounts for $4.65 billion of South Koreas GDPand other jaw-dropping stats about the supergroup, Bang Si-Hyuks Big Hit Entertainment factory. FILE- Members of South Korean K-pop band BTS, V, SUGA, JIN, Jung Kook, RM, Jimin, and j-hope from left to . On 1 Bts On Encore Selfcam Musicbank 200306 Bts On 1 Kbskpop Bts Beautiful Bts Boys Bts Members . In the end, BTSs $4.65 billion is only a minor contribution to South Korean GDP at 0.3 percent. Stacey Vanek Smith, host of our podcast, The Indicator From Planet Money, looked into the band that has become a global economic force, creating jobs, billions in revenue, even moving the needle on South Korea's GDP. Even during the pandemic, which devastated the live concert industry, BTS drove a 58 percent increase in HYBEs revenue, according to the companys year-end reports for 2021. And that's just one data point in a . motor . This figure is increasing after 2019, the Butter singer contributed 4.65 billion US dollars. Thank you BTS for being our home, for your beautiful music that enlightens our life, for your love & happiness to us, one Twitter user posted. Fans were particularly confused by the term hiatus, which was used in the English translations in the original video. Beatles on the charts, invite The Hollywood Reporter to Seoul, where they open up about performing in Saudi Arabia, BTS is said to be the reason one in every 13 tourists visited South Korea in 2017. You can't just look at BTS and be like, ah, yes, this is just the same cloth reshaped. VANEK SMITH: BTS fans are known as A.R.M.Y., and there are huge groups of A.R.M.Y. That puts a seven-member boy band in the same economic leagueas Samsung and other top conglomerates. with their awards during the 2019 Billboard Music Awards at the MGM Grand Garden Arena on May 1, 2019, in Las Vegas, Nevada. PARK CHAN-WOOK: (Through interpreter) We have some tools that can help us make estimates from the Bank of Korea, which lets us see the impact of sales growth spilling out to other industries. Bangtan Boys, Bulletproof Boy Scouts, Beyond the Scene, and now, maybe Bigger Than Samsung could be the next new interpretation for the acronym BTS, the mega-star K-pop phenomenon thats taken the Korean economy and the world by storm. current data from the United States and around the BTS truly demonstrated what it means to be a global success! The Statista "Chart of the Day" currently focuses Which topics are covered by the "Chart of the Day"? Increase in the Korean GDP: According to the Hyundai Research Institute (HRI) report in 2019, the overall economic effect of BTS is 5.56 trillion won ($4.9 billion) per year in South Korea (as of 2019). The seven-man sensation accounts for $4.65 billion of South Korea's GDP, landing it among Korea's top-grossing companies Samsung, Hyundai, and Kia. They sparked tourism crazes as Japanese, Chinese and Singaporeans landed in Busan, Jeju and Seoul. Also in 2020, South Korea had a $160 . Predictably, he looked out for the chaebol system from whence he came. In the end, BTS's $4.65 billion is only . Speculation about the groups possible disbandment led to a quick backpedaling of statements by the label and the group members themselves. By 2020, the group was contributing $3.5 billion annually to the nation's economy, according to the Hyundai Research Institute. By 2020, the group was contributing $3.5 billion annually to the nations economy, according to the Hyundai Research Institute. Of all the jaw-dropping statistics out of South Korea, the splashiest is that K-pop sensation BTS is producingalong with hit songsa whopping $4.65 billion of gross domestic product. Oct. 17, 2022, at 9:05 p.m. BTS Members Will Serve in S. Korea Military, Regroup in '25. Can I integrate infographics into my blog or website? South Korea gdp for 2018 was $1,724.85B, a 6.22% increase from 2017. on two sectors: "Media and Technology", updated First came Lee (2008-2013), aformer CEO of Hyundai Group's engineering and construction business. Driving the news: South Korea requires all men between the ages of 18 and 28 to serve about two years in the military, per the BBC. The eldest member of the band, Jin, is set to turn 30 in December, and the issue of whether the bandmates would be . Moonsimmediate predecessorsLee Myung-bakand Park Geun-hye both came to office with a similar political set-list. 1. Were always here for you. As a subscriber, you have 10 gift articles to give each month. "That percentage is likely to drop to 30 percent in 2023 when BTS's hiatus truly begins. BTS' absence due to military service is also set to have an impact on South Korea's economy. In view of a likely global recession and multiple headwinds for consumption growth, we expect a recession to begin from Q3, which will likely persist into H1 2023.". For 2023, GDP is seen expanding 2.2%. (Photo by Anthony WALLACE / AFP) They are wholly owned by South Korean music mogul Bang Si-Hyuks Big Hit Entertainment factory. The label raked in 1.3 trillion won last year, nearly a billion U.S. dollars. I felt like I was trapped and couldnt get out, said Namjoon, who explained that he felt the years of constantly being in the spotlight as a K-pop idol didnt leave him much room for personal growth. Pin En Bts in the Philippines, Indonesia, Brazil and The Indicator. BTS also brought in 800,000 tourists to South Korea in 2018. The bands label saw its stock price plunge, and the possibility that the K-pop group wont tour as pandemic restrictions ease threatens to reverberate through South Koreas economy. bts gdp korea percentage 2021 Navigation Services; Case; Leadership; Contact BTS contributed over $3.6 billion to South Korea's economy each year: Report. There have been countless highly choreographed attempts to project an air of energy, change and forward motion. U.S. President Donald Trump meets with South. We dont have any thoughts of breaking up, he said, adding that BTS still had plans to perform in the future. Yet those giantswhich BTS is now rivaling, economic-contribution-wisecame to monopolize the nation. Simply copy the HTML code that is shown for the relevant statistic in order to integrate it. A recent article by U.S. magazine Hollywood Reporter puts the boy groups annual revenue at $4.65 billion and claims this puts the music group in the same league as Samsung and Hyundai.. Billboard Boxscore reported that the first six stadium dates in the U.S. made $44 million and sold nearly 300,000 tickets for an average of $7 million per show. After emerging from the 1950-53 war with North Korea, South Korea emerged as one of the 20th century's most remarkable economic success stories, becoming a developed, globally connected, high-technology society within decades. And, sadly, those of his two immediate predecessors. Investor concern is understandable, especially after research conducted by Hyundai in 2018 showed BTS brings in over $3.6 billion USD to Korea's economy every year. South Korean boy band BTS poses in the press room. Between 2014 and 2023, analysts projected BTS would have contributed 41.8 trillion won ($29.4 billion) to the South Korean economy if the band maintained its popularity. As per Vanek Smith, the total contribution of BTS to South Korea's economy is an estimated USD 5 billion per year or "around half a percent of the country's entire economy.". 1 albums on the Billboard 200 chart in less than a year. GDP in South Korea averaged 521.13 USD Billion from 1960 until 2021, reaching an all time high of 1798.53 USD Billion in 2021 and a record low of 2.42 USD Billion in 1961. Feel free to contact us anytime using our contact form or visit our FAQ page. As per Vanek Smith, the total contribution of BTS to South Korea's economy is an estimated USD 5 billion per year or "around half a percent of the country's entire economy.". Michael He is our intern, and he's a huge BTS fan. Directly accessible data for 170 industries from 50 countries Private consumption was up by 1.9%, as expenditures on durable goods (e.g. Likewise, certainpolitical clichsare befalling Moons tenure. MICHAEL HE, BYLINE: I'm terrible at Korean, but VANEK SMITH: Wait, you learned Korean for BTS? They are the first band to do so since The Beatles. Its fair, though, to worry that the glitz and pizzazz can distract Moons team from the reason it was elected in May 2017. Psys ubiquitous Gangnam Style pushed a Seoul neighborhood into the global spotlight. internet, telecommunications and consumer electronics A common K-pop critique is the formulaic predictability of it all. The South Korean company most comparable to BTS's contribution was Korean Air, which earned revenues of $11.65 billion - 0.7 percent of GDP - in 2018. . Follow this author to stay notified about their latest stories. The industry creates domestic jobs, profits and export opportunities at a critical time. This text may not be in its final form and may be updated or revised in the future. The millions of albums and concert tickets they sell generate spoils greater than the annual output of Fiji, the Maldives or Togo. At least that value is equivalent to 0.5 percent of South Korea's economy. In just a day, the stock price of the groups management label, HYBE, plummeted 28 percent to 139,000 won or $108 its lowest price since the company went public nearly two years ago, shedding $1.7 billion in market value. I write about economics, markets and policymaking throughout Asia. GDP grew 0.3 percent in the third quarter compared to a quarter earlier. and over 1Mio. South Korea gdp for 2019 was 165142B a 426 decline from 2018. No Korean has brought this huge of an economic impact n South Korea. world relating to economic and political issues as well as Since the groups debut in 2013, BTS has raked in billions of dollars through album sales, concert tickets and social media. Only a few hours after the video was posted, it has 2.3 million views and nearly five thousand challenge accepted fan videos. So far, though, hes put few wins on the scoreboard. The groups financial contribution to South Koreas economy had been expected to only grow as pandemic restrictions eased, according to the Korea Culture and Tourism Institute, which predicted that a single BTS concert could generate $500 million or more. South Korea gdp for 2020 was 163790B a 082 decline from 2019. 3-min readThe news of BTS members preparing to enlist for mandatory military service in South Korea has left fans of the world-famous K-pop group heartbroken. Idol+ Popularity. Neither BTS nor the individual members have a manager or any other representation. / Wikimedia Commons. VANEK SMITH: This is not unusual, according to journalist Tamar Herman. This chart shows contributions to South Korean GDP by companies and pop group BTS. The authoritative record of NPRs programming is the audio record. Unfortunately, Moon took his eye off the ball by pivoting to peace talks with North Korea. Their management company made the announcement on Monday, meaning the members will officially join the South . please include a backlink to the respective infographic URL. The drastic plunge underscores how South Koreas best-selling boy band has become not only a cultural sensation but also a powerful stakeholder in South Koreas economy. Tax tweaks could be used to punish companies hoarding hundreds of billions of dollars of cash better used fattening paychecks. Statista offers daily infographics about trending topics, covering:Economy & Finance, Politics & Society, Tech & Media, Health & Environment, Consumer, Sports and many more. While feigning friendship with the U.S. leader, Kim is ramping up his ability to deliver short-range missiles. Does Statista also create infographics in a customized design? proper attribution to Statista. The second largest contributor to the countrys economy, Hyundai, still managed a contribution of 5 percent, not unusual for major high-tech companies. South Korea is projected to lose billions when the members of K-pop group BTS enlist in the South Korean military for mandatory service. VANEK SMITH: An online concert held by BTS during the pandemic brought in more than $70 million in ticket and merchandise sales. Well support you. a member of K-pop group BTS, in Goyang, northwest of Seoul, on June 15, 2022. BTS scored three No. The consensus this year seemed to be "Butter" by Korean pop group BTS, or at least it was, until "Butter" was replaced by "Permission To Dance," also by BTS. In the 1960s, GDP per capita was comparable with levels in the poorest countries in the world. GDP (current US$) - Korea, Rep. World Bank national accounts data, and OECD National Accounts data files. BTS Ponders Its Future, and South Koreas Economy Warily Takes Note, https://www.nytimes.com/2022/06/17/world/asia/bts-hiatus-economy-kpop.html. Under a 2019 revision of the law, globally recognized K-pop stars were allowed to . Korea's gross domestic product (GDP) growth may fall below 2 percent next year due to the impact of high interest rates, high inflation and a weak won on its economy, experts said Sunday. The seven-member South Korean boy band is creating jobs, billions in revenue and even moving the needle on South Korea's GDP. Japanese fans of BTS sharing mementos of the band at a cafe in Seoul on Wednesday. How long will BTS keep printing money? There's an annual debate in the U.S. over the song of the summer. Since the 1960s, Asias fourth-biggest economy has been dominated by family owned conglomerates. Anthony Wallace/Agence France-Presse Getty Images. VANEK SMITH: And fans respond by buying everything BTS touches. For individual content and infographics in your Corporate Design, On 17 October, the group's agency, BigHit Music, announced . Both made a great show of getting conglomerates, or chaebols,to pay workers more, innovate and catalyze a startup boom. But itcanbe distracting. That's around half a percent of the country's entire economy. Of all the jaw-dropping statistics out of South Korea, the splashiest is that K-pop sensation BTS is producingalong with hit songsa whopping $4.65 billion of gross domestic product. Moon must create more economic space for startups and smaller, scrappier enterprises in general. As BTS ponders its future, South Korea's economy warily takes note; . The country's population of 51 million people was the sixth largest music market in the world in 2020, according to IFPI's Global Music Report 2021. A Korean study estimates that 83% of BTSs fans are female, and 45% are between the ages of 10 and 30. There had been some speculation that winning a Grammy in 2022 might secure BTS an exemption, but they left empty-handed -- despite being one of the world's top-selling acts. Korean President Moon Jae-in in the Oval Office of the White House April 11, 2019 in Washington, D.C. Instead, shegot co-opted by the industryand then impeached. But the government also must resist the urge to think the global popularity of one industry, sexy as it might be, translates into broadereconomic success. Korea needs more of. Most followed K-pop artists on Instagram South Korea 2022, by follower count; October 18, 2022. The BTS economy, it follows, has been great for President Moon Jae-ins nation. No, it's a brand-new cloth. In the end, BTS's $4.65 billion is only . The Gross Domestic Product (GDP) in South Korea was worth 1798.53 billion US dollars in 2021, according to official data from the World Bank. South Korea's economy expanded 0.3% QoQ in the three months to September 2022, growing at the slowest pace in a year as households and businesses held back on spending amid concerns about higher costs and rising interest rates. Seoul and Tokyo are now less safe than when Moon took office. BTS, and K-pop in general, is a nice thing to have. In April, the video for Boy With Luv broke a YouTube record when it sailed past 100 million views in less than 48 hours, and BTSbecame the first Asian band to surpass 5 billion streams on Spotify. But, like Park Chan-Wook says, there is a major ripple effect. Fortune also reports that analysts say that the group, which made its debut in 2013, would have contributed USD 29.4 billion to South Korea's economy from 2014 . . When publishing one of these graphics, In the last couple of years, they started bringing in so much money, the South Korean government decided to try and measure the economic impact of the band. Although its not like I didnt anticipate this or was oblivious that this could happen, I still feel bitter, he said, explaining that his intentions were to communicate openly with fans on the groups reflections of the past decade and not to announce that the group was disbanding. non-commercial websites. Japanese fans of BTS sharing mementos of the band at a cafe in . Fortune also reports that analysts say that the group, which made its debut in 2013, would have contributed USD 29.4 billion to South Korea's economy from 2014 . In 2013, Park promised show-stopping reforms. The band's commercial . In 2020, BTS won a deferral allowing them to put off their military service until they were 30. An analysis of 2018 company revenues shows that even though BTS makes billions through album and ticket sales, but also by selling merchandise and attracting visitors to South Korea they do not come close to corporate money makers. 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