The group created over 15 billion won from lightstick sales alone during their Las Vegas concert.
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The country’s Ministry of Culture and Sports focused mainly on research on how best to maximize the profits that the Hallyu wave brought to the South Korean economy. A recent report based on research by the Korea Institute of Culture and Tourism discusses how the Hallyu wave could bring the country even more profits through exports – including K-Pop, K-Dramas, K-food and, specifically, BTS.
The report revealed that more than 80 million K-Pop albums were sold worldwide in 2022. The number of Hallyu fans has also increased to 156.6 million people, data collected in December 2021. The Korea Institute of Culture and Tourism notes that this is a 17-fold increase in fan base based on 2011 figures.
While K-Dramas have also seen a phenomenal increase in numbers – following the incredible debut of “Squid Game” on Netflix – the report interestingly notes the growth that K-food has seen in recent years. KTCI attributes this to Hallyu’s power and influence, which may elevate South Korea’s image as a cultural powerhouse.
Another noteworthy detail presented in the report was the Western media’s interest in the development of K-Entertainment. Dispute between MOVEMENTS AND COCOA m above SM EntertainmentShares and management rights were taken as a prime example, and the report provided information on how the news was discussed by major players such as CNN and Wall Street Journal.
To further prove just how much investment and momentum Hallyu’s popularity can bring to South Korea’s struggling economy, the report also focused on analyzing BTS’ famous 4-day concert Permission to dance on stage in Las Vegas.
Last April, BTS sold out four nights at Allegiant Stadium in Las Vegas. The concert took place on March 8, 9, 15 and 16, which was the last time BTS was able to welcome their American fans as a full band before announcing the group’s hiatus. Permission to dance on stage was a huge commercial success, and KTCI noted the revenue generated and how that revenue could increase should such a concert be held in South Korea.
The report noted that BTS racked up 131.5 billion in winnings during the concert, of which 15.3 billion came from sales of the group’s lightstick alone. Korean food was also another major source of income, with dishes such as gimbap, tteokbokki, and steamed galbi costing over 60,000 won.
The concert was so beneficial to Las Vegas city officials that Democratic Senator Catherine Masto of Nevada herself expressed her gratitude to the group on Twitter.
The report further revealed that if such a great concert were held in South Korea, the group would create 1 trillion won of economic value for the country.
KTIC also adds that in addition to BTS, South Korea now has an “army” of popular K-Pop groups that can add to this economic value. Examples like BLACK PINK, Twice, Stray children, NCTAND Seventeen were taken, and the report also notes that all of these groups “Unfortunately” announced plans to perform overseas.
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