Page 23 - Issue-27

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Holi da y Rul es
BTS BAND world domination

Yasmine Tarek , 4rd level , Economics

Owing to the coronavirus pandemic, 2020 maybe a year of
One in every thirteen international tourists visited South
radical shift for the world. Covid-19 has upended societies and
Korea in 2017 because of BTS.
changed daily life around the globe significantly. Although
BTS has adapted to the new constraints set by the coronavirus
unparalleled, our current circumstances have been strongly
pandemic better than almost any other entertainer in an
affected by enduring social realities, such as systemic racial and
extraordinary year for the music industry, with tours, paused
economic disparities, the prevalence of disinformation, and
and concerts canceled.
anxieties about anything in existence. However, this year was
The South Korean act has continued its run of breaking
not a nightmare for all of us. The global band BTS, stands for
records for physical album sales and streaming streams,
“Beyond The Scene ”, composed of 7 members: RM, Jin, Suga,
frequently releasing music in the months after COVID-19
J-Hope, Jimin, V, and Jungkook, had the best year in their
ushered in a new standard. And, as online events replaced in-
music career so far. Beginning the year with their epic New
person meetings, BTS held virtual concerts that registered
Year's Eve performance at Times Square in New York,
unrivaled levels of participation from worldwide viewers.
achieving since then many milestones. Ending it with a
BTS had two paid online concerts.
Grammy nomination, one of TIME's Person of the Year, having
The first “Bang Bang Con ” was part of their 7th-anniversary
All-Kill moments with their multiple Daesang (grand-prize)
celebrations that took place on June 14th, with 756,000 fans
wins at Melon Music Awards (MMA) and Mnet Asian Music
from over 100 countries. For most viewers, the concert gets a
Awards (MAMA), and different American music award shows.
new Guinness World Records title for a live stream of the
At an unparalleled pace and size, their rapid rise to stardom has
music concert. The tickets were sold for US $25.
arrived. Across various outlets, including Guinness World
The second online concert “MAP OF THE SOUL ON:E ” was
Records, the Billboard charts, and the Gaon charts in Korea,
held instead of their canceled tour, where they broke their
Spotify, YouTube, iTunes, and Twitter, the band has set and
own World Record for Most viewers for a music concert live
broken records. Throughout the year BTS proves their
stream with nearly 1 million viewers from across the globe -
tremendous economic and social impact. According to the
993,000 ticket-holders from 191 countries. The total revenue
Harvard case study “Big Hit Entertainment and Blockbuster
estimated to be around $43 million, a souring increase
Band BTS: K-Pop Goes Global ” published in June 2020, the
compared to their “Love Yourself: Speak Yourself ” tour held
BTS ecosystem accounts for a staggering $4.9 billion per year
in 2019, which gain more than $100 million in total ticket
of South Korea ’s GDP. The Hyundai Research Institute (HRI)
sales, but about $4.5 million per show.
announced in December 2018 that BTS produces an estimated
amount of 4 trillion won ($3.54 billion) as an annual economic
benefit for the country and 1.42 trillion won ($1.26 billion) as
an annual added value. The contribution of BTS to South
Korea's GDP is almost equal to Korean Air, according to the
Statista 2018 report. HRI estimates that the economic effect of
the 10-year BTS would hit 56.2 trillion won (around $37
billion). HRI estimates that South Korea is visited annually by
796,000 foreigners due to BTS promoting the local tourism
industry.
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