BTS members reported to have contributed more than 5 Trillion Won to the Korean economy every year ahead of enlistment

On June 21, 2024, the media outlet JoongAng Ilbo reported that the Hyundai Research Institute had estimated that BTS members contributed more than five trillion won (approx $3.6 billion) to the Korean Economy each year before they enlisted for mandatory military service. The institute also cited that 1 in every 13 foreign tourists visited the country in 2017 due to the group's worldwide influence.

In December 2018, The Korea Herald cited that BTS alone contributed 3.6 billion dollars to South Korea each year, which equated to the contribution of 26 mid-sized companies. However, since the group's mandatory conscription, the country has witnessed a significant decline in its economy.

---

BTS emerged as one of the potent stakeholders for South Korea's economy

On December 17, 2018, the Hyundai Research Institute published a report about the economic effects created by boy band BTS. The report shed light on the ripple effect that the global band's rise in popularity had on the domestic economy through an increased number of foreign tourists and exports of consumer goods.

According to a 2018 report, the research institute reported that the group had generated an estimated 1.42 trillion won ($1.26 billion) per year. As per, Statista's analysis company revenues report 2018, BTS's contribution to the country's Gross Domestic Product (GDP) was comparable to Korean Air. The Statista reported on November 5, 2019, stating:

"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."

Subsequently, in the updated report by the Hyundai Research Institute in 2019, the group's contribution to the economy of South Korea has increased significantly. The group contributed 5.56 trillion won (approx $4.9 billion), per year to the country economically.

BTS stands as the only artist in South Korea to bring such a magnificent contribution to the country, emerging as one of the potent stakeholders in the country's economy.

Additionally, the Korea Culture and Tourism Institute has also estimated that the direct and indirect economic ripple effects of the group's concert in 2022 were predicted to be 1.2207 KRW trillion per performance.

According to the Korea Herald, the group has generated an economic effect of 481.3 billion won from their BTS 5th Muster (Magic Shop) concerts only in Busan and Seoul in June 2019. In October of the same year, the group contributed 1 trillion won ($860.7 million) to South Korea's economy through their 3-day finale Love Yourself: Speak Yourself concert.

The indirect effects of the group's concerts invite hundreds of thousands of foreign tourists to the country, boosting the tourism industry. As per Hyundai Research Institute, more than 796,000 foreigners have visited South Korea because of BTS. The group has also contributed to the total Korean consumer goods export, which stood at $1.1. billion as of 2018, as revealed by the institute in their report.

In the 2019 report, the group has a yearly effect and contributed $2 billion, $.2.8 billion, and $3.96 billion in clothing, cosmetics, and food due to their massive influence in the mentioned industries. The Hyundai Research Institute has also predicted the group's ten-year economic report.

They stated it would reach 56.2 trillion won, which equaled 49.8 billion dollars, and predicted that the septet would generate an economic value of 41.8 trillion won during 2014-2023.

However, the following predictions were made before COVID-19 hit the world, and the figures could be changed significantly after the pandemic and the group's mandatory military service.

The Korea Culture and Tourism Institute also reported on the potential impact the group could have if they had to hold a concert in the post-Covid era. They cited in their report 2022 that the group would generate an economic effect of around 619.7 billion won to 1.2205 trillion won per concert.

They also noted that if there were ten concerts, then the ripple effects on the economy of South Korea would stand at 12.2068 trillion won.

---

In recent news, Jin was the first member of the group, who was discharged from the 5th Infantry Division Recruit Battalion in Yeoncheon, Geonggi-do, on June 12, 2024.

Jungkook and Jimin were serving in the 5th Infantry Division, while Kim Taehyung was deployed at the 2nd Army Corps of Chuncheon, Gangwon Province. Kim Namjoon has been assigned to the 15th Infantry Division, while Suga has joined duty as a social service agent.