When you hear “K-Pop,” you would immediately think of some household names like Bigbang, 2NE1, SNSD, and in this generation, BTS. You’ve probably heard at least one of their songs playing on your radio, your seatmate’s earphones, or even at a samgyupsal restaurant.
Aside from having record-breaking songs left and right and selling out stadiums and arenas all over the world, the impact of BTS extends beyond just the genre.
Harvard Business School has publicly released a case study on the group last June 25 via Twitter. The study showcases a brief overview of how the K-Pop industry works and which particular companies had been leading over the years. However, with the rise of BTS, their underdog entertainment company skyrocketed into the top joining the ‘Big Three’ the case study mentions: SM, YG, and JYP.
BTS debuted officially in June 2013, and as the years passed by, their numbers have been increasing exponentially, with YouTube playing a crucial role in their growth especially globally.
As we talk about numbers, we cannot deny the overarching economic impact that BTS has on South Korea. As a matter of fact, according to the Harvard Business School case study, the group’s contribution to the country’s GDP was a whopping $4.9 billion. This is larger than South Korea’s national airline, Korean Air!
Moreover, with BTS reaching ten years as a group, it is expected that their economic impact would reach around $50 billion, larger than the PyeongChang 2018 Winter Olympics – the Olympics!
Of course, with the huge fanbase that BTS has, they are bound to want to visit South Korea at some point in their fangirl lives. In fact, around 800,000 foreigners visit South Korea every year because of BTS – that’s around one in every thirteen people.
“What do they do with all that money?” BTS is known, among the industry and its fans, for their generous donations to various movements and charities. Although they don’t make noise about it, below are some of the most recent ones they’ve made:
Anyone on this planet most probably knows who BTS is in some form or another. That level of popularity can only translate to more than just best-selling records, but also beyond the bottom line!