After Debut BTS Predicted to Have An Economic Effect up to 56 Trillion Korean Won

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BTS is predicted to have an economic effect up to 56 trillion Korean won, approximately 50 billion U.S. dollars, which is a greater amount than that of the Pyeongchang Winter Olympics.

They're not just any idol group anymore...

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According to Hyundai Research Institute (HRI), it is estimated that BTS will produce an economic effect reaching up to 50 billion U.S. dollars from 2014 to 2023 in ten years. To break it down further, HRI estimates the effect on production inducement to be 36 billion U.S. dollars and the value added inducement coefficients to be 14 billion dollars.

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The economic effect produced by BTS is even greater than that produced by a whole Olympics, as this year's Pyeongchang Winter Olympics produced an economic effect of a mere 41 billion dollars. The HRI conducted the research by converting BTS's popularity into calculatable data through Google trend analysis, interindustry anaysis and more.

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According to the results, when BTS's fame rises by one unit, then three months later, it is estimated that there occurs a rise in tourists by 0.45%. This goes the same for clothing (rises 0.18%), makeup (0.72%), and food (0.45%) along with an increase in consumption in general. This is because more foreigners come to Korea see the BTS concert and also because more and more foreigners begin to buy BTS goods.

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However, this is only if BTS can maintain their popularity over the past five years in the next five years to come. Will they be able to do it? While some people are doubtful, many believe that if it is BTS, they just might succeed.

By Bongbong and SongGirl voomvoomk@gmail.com