SEOUL, April 20 (Yonhap) — A concert by K-pop superstar BTS in South Korea is estimated to generate an economic effect worth more than 1 trillion won (US$810 million), amid the growing expectations for the celebration of concerts after the lifting of the rules of social distancing, as indicated, this Wednesday, by the South Korean Institute of Culture and Tourism (KCTI, according to its acronym in English).
According to the KCTI, if BTS regularly holds a concert in the country in the post-coronavirus era, its economic impact is estimated to be between 677.9 billion won (US$549 million) and 1.22 trillion won ( $989 million).
The institute estimated the economic effect in a supposed situation, after the end of COVID-19, by adding the value of the tickets and promotional products of the BTS concert and the consumption, transportation and accommodation expenses of foreign tourists, among others.
If 20 percent of the audience were foreigners, assuming that the BTS concert venue had a capacity of 65,000 seats, it is estimated that each show, in a series of three-day concerts, would stimulate the production of up to 619,700 million won (US$502 million).
If foreign viewers increased to 35 percent, its effect could reach 920.2 billion won (US$746 million).
Should 50 percent of the viewers be foreigners, it is estimated that the event could create a production and value-added stimulation effect of up to 1.22 trillion won (US$989 million) and 570.6 billion won. won ($462 million), respectively, creating 10,815 jobs.
The KCTI foreshadowed that K-pop concerts, including BTS’s, could generate big hits to the economy.
In March, a BTS concert was held in Seoul, which was attended by 15,000 people a day, due to anti-virus measures. However, an increase is expected, both in the total number of spectators and in the proportion of foreigners, once the celebration of the shows is normalized in the future.
The institute said that the BTS concert could be a trigger that marks the beginning of the post-coronavirus era, adding that it hopes that COVID-19 will be overcome soon, by revitalizing the sectors, culture and tourism, with the industry in the future. of popular music shows at the head.
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The KCTI estimates that a BTS concert will generate an economic effect worth 1.2 trillion won | YONHAP NEWS AGENCY