Upcoming BTS concert in downtown Seoul to bring nearly a billion dollars to South Korea's economy
The financial impact is compared to Taylor Swift's concerts.
A souvenir shop with BTS merchandise in Seoul. Photo: SeongJoon Cho / Bloomberg via Getty Images.
The upcoming concert by South Korean pop group BTS in downtown Seoul will bring an effect to the country's economy measured in trillions of won (more than a billion dollars). This was stated by South Korea's Minister of Finance, Koo Yun-cheol, whose words were reported by Yonhap News Agency.
"The concert is expected to create economic value in the trillions of won, but its intangible effects could be several or even dozens of times greater," the minister noted.
The Korea Culture and Tourism Institute estimates the economic impact of the concert at 1.2 trillion won, which is about $900 million at the current exchange rate, taking into account tourism spending, intellectual property revenues, and the strengthening of the national brand. Bloomberg analysts predict that just one day of performance will bring about $177 million.
BTS went on an almost four-year hiatus from joint activities in 2022 due to the need to complete mandatory military service in South Korea.
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