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We have hit yet another roadblock with the much-awaited BTS Busan concert. The mega concert, which is less than a month away, will take place on Saturday, October 15, 2022, with the goal of supporting the Korean government in winning the bid for the "2030 World Expo."
However, HYBE and the Busan government are at odds over who will pay the $5.1 million in concert costs, which the Busan government is attempting to avoid.
On Thursday, September 8, officials from the business and cultural circles revealed that the BTS Busan concert will cost a staggering $5.1 million (₩ 7 billion) in expenses.
According to an unnamed source, because BTS is Korea's pride, a lot of money will be spent on stage, setting, equipment, and so on. However, because the sum is so large, either party is attempting to postpone payment and avoid the matter.
BTS Busan concert: ARMYs react to the ongoing tiff between HYBE and Busan government
The “Game of Money” has officially begun between HYBE and Busan government.
The government has claimed that they do not have the funds to cover the BTS Busan concert because they are already covering transportation and lodging, whereas HYBE hopes to cover their costs through sponsorships and advertising funding.
ARMYs (BTS’ fandom) have stepped in and requested both the parties to end their ongoing tiff and ensure BTS Busan concert is a superhit event and profitable for all the parties involved.
They are upset with the Busan government for being inept and refusing to accept responsibility for the entire situation.
ARMYs have argued that it was the Busan government who had first approached HYBE for the BTS Busan concert. Earlier, the Mayor of Busan personally requested that members Jimin and Jung Kook's fathers persuade their sons to participate in this cause for the sake of the nation.
ARMYs are hoping that for Bangtan’s sake BTS Busan concert goes smoothly without any monetary hiccups because they don’t deserve this unfair treatment meted out to them.
Several Korean news outlets have dug deep into this issue; here's what we know so far:
The event, dubbed "BTS in Busan" or more colloquially "BTS Busan concert," is hosted by the group's agency HYBE and sponsored by Busan, Korea's second-largest city.
The Busan Expo Bidding Committee is also helping to host the grand event on Saturday, October 15, which is free of charge for ARMYs travelling from all over the world.
Official sources from the Secretariat of the Bid Committee and the Busan City Induction Planning Team also revealed that that because HYBE is the organiser of the BTS Busan concert and will cover the costs through advertisements and sponsorship from companies, they are best suited to answer cost-related questions, and the Expo Bidding Committee is not involved with the monetary aspect.
HYBE responded to Korea Economic Daily by stating that:
“HYBE and many other companies are participating as official sponsors to participate in the effort to support the expo bidding."
Major Korean conglomerates like Samsung and Hyundai which Bangtan members are brand ambssadors of might take part in the sponsorship of the event, though this is merely a speculation at this point. HYBE is hoping to cover the extensive costs through sponsorships via these major Korean companies and a helping hand from the Busan government. Now, comes the twist in the tale.
When Korea Economic Daily inquired about sponsorship for the BTS Busan concert with various Korean conglomerates, including Samsung and Hyundai, they revealed that they had received no request for sponsorship from HYBE and had no plans to support the concert's costs.
However, HYBE can still cover the remaining event even if corporate sponsorships are not feasible.
According to the Financial Supervisory Service, HYBE's sales were 797.1 billion in the first half of the year, with a net profit of 129.5 billion (profit after taxes) and an operating profit of 125.3 billion (profit from business operations), proving that HYBE can cover the BTS Busan concert. However, some monetary help from Busan government wouldn’t hurt.
BTS surprise drop their “Permission to Dance on Stage - LA” film
ARMYs love good surprises from Bangtan members. BTS released the concert film "Permission to Dance on Stage - LA" on Thursday, September 8, showcasing the happy and joyful moments they had in their first offline concert since the pandemic.
The Los Angeles concert was held at the SoFi Stadium on November 27-28 and December 1-2, last year amidst much fanfare. It's now streaming on Disney+ for fans who want to relive the experience.
The septet's concert will take place as per schedule on Saturday, October 15 at 6 pm KST at Asiad stadium and will be jointly supported by the Busan Metropolitan City as well as the “2030 Busan World Expo” Bid Committee.
