Private consumption was up by 1.9%, as expenditures on durable goods (e.g. 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. Michael He is our intern, and he's a huge BTS fan. Unfortunately, Moon took his eye off the ball by pivoting to peace talks with North Korea. 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. First came Lee (2008-2013), aformer CEO of Hyundai Group's engineering and construction business. And, sadly, those of his two immediate predecessors. bts gdp korea percentage 2021 Navigation Services; Case; Leadership; Contact Sep-2022 Korea Long-term average = 100: . To little avail. A mural depicting RM, the leader of BTS, in Goyang, South Korea. A worthy goal, but one drowned out byTrumps weird lovefor Kim Jong Un. This is not to dismiss the contributions of the Korean Wave. In the 2000s, pop singers BoA and Rain turned heads everywhere. Both protected the status quo. She says many of BTS's fans, A.R.M.Y., they connect with the band and with each other through the study of these songs. Reports in South Korean media outlets were quick to link the announcement to the fact that Jin, the oldest member of the group, would need to enlist for mandatory military service by the end of this year. His government is upping fiscal spending, while Koreas central bank adds monetary liquidity. non-commercial websites. How long will BTS keep printing money? BTS the South Korean pop group have just announced their hiatus. In a sense, Seoul sought to lower the profile of its corporate celebrities. So far, though, hes put few wins on the scoreboard. The soft power boost to Koreasglobal brandcant be exaggerated. Here are the 7 trophies they took home that day. current data from the United States and around the The seven-member South Korean boy band is creating jobs, billions in revenue and even moving the needle on South Korea's GDP. I write about economics, markets and policymaking throughout Asia. We dont have any thoughts of breaking up, he said, adding that BTS still had plans to perform in the future. Can I integrate infographics into my blog or website? Number of songwriting credits in South Korea 2013-2022, by BTS member; The most important statistics. That puts a seven-member boy band in the same economic leagueas Samsung and other top conglomerates. Tax tweaks could be used to punish companies hoarding hundreds of billions of dollars of cash better used fattening paychecks. After the announcement, the stock price of Big Hit's parent company, HYBE, fell 2.5 percent . 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.". South Korea gdp for 2019 was 165142B a 426 decline from 2018. Jungkook, the youngest BTS member, also tried to clarify matters in a live video stream on Thursday. This text may not be in its final form and may be updated or revised in the future. Although almost all the artists who attended the ceremony walked home with this award, it doesn't mean that the award is worth less. 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. The industry creates domestic jobs, profits and export opportunities at a critical time. under the Creative Commons License CC BY-ND 3.0, may be used Reportedly, their success contributed to the state's revenue of up to 5 billion US dollars. with their awards during the 2019 Billboard Music Awards at the MGM Grand Garden Arena on May 1, 2019, in Las Vegas, Nevada. 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. Exporters like Samsung, Hyundai, Daewoo and SK helped Korea rise from the ashes of war into the ranks of the top-12 economies. As a subscriber, you have 10 gift articles to give each month. The trade mags profile of BTS is chock-full of jaw-dropping stats. 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.. 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. To realize his trickle-up growth pledge, Moon should offer tax holidays to would-be tech unicorns. Seoul should help develop a bigger and more risk-friendly venture capital industry. world relating to economic and political issues as well as On 1 Bts On Encore Selfcam Musicbank 200306 Bts On 1 Kbskpop Bts Beautiful Bts Boys Bts Members . Since then, a succession of Korean leaders pledged to support the small-to-midsize enterprises and step up anti-trust efforts. South Korean boy band BTS poses in the press room. Check our upcoming releases. 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. Thats a lot of books, T-shirts, dolls, cosmetics, and jewelry. (Photo by Anthony WALLACE / AFP) 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. 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 Korea's GDP and rivals The? BTS contributes over $3.6 billion to South Korea's economy . When publishing one of these graphics, Opinions expressed by Forbes Contributors are their own. Since the groups debut in 2013, BTS has raked in billions of dollars through album sales, concert tickets and social media. Neither BTS nor the individual members have a manager or any other representation. The fallout from BTS's announcement on Tuesday that the K-pop juggernaut would be taking a break as members explore solo careers was immediate and drastic. facts. The stock price has barely moved since. 1 albums on the Billboard 200 chart in less than a year. and displayed without charge by all commercial and Copyright 2021 NPR. Well support you. There's an annual debate in the U.S. over the song of the summer. For individual content and infographics in your Corporate Design, You can't just look at BTS and be like, ah, yes, this is just the same cloth reshaped. TAMAR HERMAN: They're just so big. The Statista "Chart of the Day", made available BTS' absence due to military service is also set to have an impact on South Korea's economy. Oct. 17, 2022, at 9:05 p.m. BTS Members Will Serve in S. Korea Military, Regroup in '25. Speculation about the groups possible disbandment led to a quick backpedaling of statements by the label and the group members themselves. Predictably, he looked out for the chaebol system from whence he came. The millions of albums and concert tickets they sell generate spoils greater than the annual output of Fiji, the Maldives or Togo. The group will remain active in various different formats, according to the statement. Follow this author to stay notified about their latest stories. BTS, and K-pop in general, is a nice thing to have. The band has not been shy about brand partnerships. 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." 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 to . News of the groups planned hiatus convulsed the internet once the group posted its video announcement, which drew over 16 million views in two days. 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. 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 . 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. Statista offers daily infographics about trending topics, covering:Economy & Finance, Politics & Society, Tech & Media, Health & Environment, Consumer, Sports and many more. But itcanbe distracting. BTS has become a global economic force. VANEK SMITH: BTS fans are devoted. internet, telecommunications and consumer electronics Its YouTube channel alone, which is the 20th largest in the world, can generate up to $2 million a month. 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. 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. BTSs merch sales have reached $130 million. Inflation in Korea has slowed since August but remains above 5 percent. Need infographics, animated videos, presentations, data research or social media charts? GDP grew 0.3 percent in the third quarter compared to a quarter earlier. FocusEconomics panelists see GDP growth at 2.6% in 2022, which is down 0.2 percentage points from the previous month's forecast. Beatles on the charts, invite The Hollywood Reporter to Seoul, where they open up about performing in Saudi Arabia, A minimum wage hike was a good step, but bolder moves to level playing fields have yet to materialize. 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. Korea needs more of. But, like Park Chan-Wook says, there is a major ripple effect. And that's just one data point in a . Anthony Wallace/Agence France-Presse Getty Images. The groups fans, who call themselves Army, swarmed social media in expressing support and anguished distress over the news. Psys ubiquitous Gangnam Style pushed a Seoul neighborhood into the global spotlight. At least that value is equivalent to 0.5 percent of South Korea's economy. 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. How BTS Contributes Billions To The Korean Economy : The Indicator from Planet Money Korean boy band BTS is a global music phenomenon. BTS performing during the Grammy Awards in Las Vegas in April. RM, the groups leader, posted on the social media site Weverse on Thursday, saying many people had sent him messages assuming the group was breaking up. The seven-member South Korean boy band is creating jobs, billions in revenue and even moving the needle on South Korea's GDP. Most followed K-pop artists on Instagram South Korea 2022, by follower count; Real progress requires wrestling power away from Koreas corporate stars, the chaebols. K-Pop and the economic impact on South Korea. 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. An award-winning team of journalists, designers, and videographers who tell brand stories through Fast Company's distinctive lens, The future of innovation and technology in government for the greater good, Fast Company's annual ranking of businesses that are making an outsize impact, Leaders who are shaping the future of business in creative ways, New workplaces, new food sources, new medicine--even an entirely new economic system. The group has millions of fans called A.R.M.Y., who happily . By 2020, the group was contributing $3.5 billion annually to the nation's economy, according to the Hyundai Research Institute. BTS racks up more than 11 million monthly listeners on Spotify, andon YouTube, fans are currently watching and rewatching band member J-Hopes latest video with Becky G, the fiendishly catchy Chicken Noodle Soup, which, so far, has collected 52 million views in just five days. In 2018, Samsungs revenue was almost $212 billion, or 13 percent of South Korean GDP. The label raked in 1.3 trillion won last year, nearly a billion U.S. dollars. Bang himself has an estimated net worth of $770 million, according to the Bloomberg billionaires index. 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 . motor . 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. Their management company made the announcement on Monday, meaning the members will officially join the South . BTS Ponders Its Future, and South Korea's Economy Warily Takes Note. Directly accessible data for 170 industries from 50 countries . 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. 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. Our standard is 660 pixels, but you can customize how the statistic is displayed to suit your site by setting the width and the display size. FILE- Members of South Korean K-pop band BTS, V, SUGA, JIN, Jung Kook, RM, Jimin, and j-hope from left to . She is serving a 25-year sentence in a bribery andinfluence-peddling scandal. please include a backlink to the respective infographic URL. BTS at 2021 American Music Awards. Launching an NPR conversation, BTS is said to contribute up to IDR 71 trillion per year. Valerie Macon/Agence France-Presse Getty Images. A common K-pop critique is the formulaic predictability of it all. Credit: Carolin von Petzholdt / CC-BY-3. South Korea is projected to lose billions when the members of K-pop group BTS enlist in the South Korean military for mandatory service. The eldest member of the band, Jin, is set to turn 30 in December, and the issue of whether the bandmates would be . As BTS ponders its future, South Korea's economy warily takes note; . 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). BTS is said to be the reason one in every 13 tourists visited South Korea in 2017. ARMY FOREVER. VANEK SMITH: And fans respond by buying everything BTS touches. They've collaborated with Samsung Galaxy on a BTS phone, with FILA on a sportswear collection, with Hyundai on the Palisade model that ended up in six-month backorders, with Baskin-Robbins, Coca-Cola, Louis Vuitton and McDonald's on a special Happy Meal. Well wait for you. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q2 2022, BTS album total sales in South Korea 2013-2021, Amount of Billboard Music Award nominations and wins by BTS in South Korea 2017-2022, U.S. imports of trade goods from South Korea 1985-2021, Total value of U.S. trade in goods with South Korea 2000-2021, Corn production comparison between South Korea and North Korea 2009-2021, GDP comparison between South and North Korea 2010-2021. Its time Moons team churned out some hits of its own. In 2020, BTS won a deferral allowing them to put off their military service until they were 30. The band's commercial . Accuracy and availability may vary. In 2013, Park promised show-stopping reforms. "BTS used to take up as much as 95 percent of HYBE's revenue until 2019, but that percentage has dropped to 70 percent in 2021 and 50 percent in 2022," said Kim Hyun-yong, an analyst at Hyundai Motor Securities. HERMAN: Literally, like a linguistics class - so this word means this thing, but it also can relate to this situation in Korea and history. The first member of BTS to enlist will be Kim Seok-jin, known as just Jin, who turns 30 in December. Yet those giantswhich BTS is now rivaling, economic-contribution-wisecame to monopolize the nation. NPR transcripts are created on a rush deadline by an NPR contractor. That goes, too, for the massive global success of girl-group phenomena like Blackpink, Girls Generation, Red Velvet and others. Since then, thereve been loads of fancy footwork and spin. Use is, however, only permitted with No, it's a brand-new cloth. South Korea's economy may suffer a loss amounting to . 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.". Instead, shegot co-opted by the industryand then impeached. 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. By 2020, the group was contributing $3.5 billion annually to the nations economy, according to the Hyundai Research Institute. Both made a great show of getting conglomerates, or chaebols,to pay workers more, innovate and catalyze a startup boom. And thats just one data point in a staggering pile of data points filled with as many zeros as there are members of the band, according to a new story in the Hollywood Reporter. PARK: (Through interpreter) The influence impact of fandoms are huge and started to spread globally with the success of BTS. 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.". The seven-man sensation accounts for $4.65 billion of South Koreas GDP, landing it among Koreas top-grossing companies Samsung, Hyundai, and Kia. We love you.. Fans were particularly confused by the term hiatus, which was used in the English translations in the original video. 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 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. In its first six months of release, the EP. No Korean has brought this huge of an economic impact n South Korea. They are the first band to do so since The Beatles. daily and featuring the latest statistics from the media, In 1997, their debt excesses helped topple the entire economy. Pin En Bts The Statista "Chart of the Day" currently focuses 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 The award was given to BTS for 2022. Under a 2019 revision of the law, globally recognized K-pop stars were allowed to . 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. In the end, BTS's $4.65 billion is only . In less than a decade the seven South Koreans -- RM, Jin, V, J-Hope, Suga, Jimin and Jungkook -- have become a global phenomenon . Dont tell Donald Trump, but the groups Twitter feed does four times as much traffic as the U.S. president.
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