KUALA LUMPUR, July 25 ― South Korea's biggest boy band BTS's meet-the-fans sessions and concerts in the peninsular has created RM1.74 billion in spin-off effects.
Quoting a report by Seoul's Korea University business Prof Pyun Ju-hyun, the Korea Herald reported that BTS obtained RM1.68 billion in direct and indirect economic effect with its “BTS 5th Muster [Magic Shop]” performances held in Busan on June 15-16 and in Seoul on June 22-23.
The researchers came up with the number by deducting the local expenditures for the concerts, including the costs of renting the concert venues, hosting the events, and the travelling and accommodation costs of the band's staff and ticket holders, from the band's total ticket and merchandise sales revenue, reported the daily.
Besides the direct costs, the research team also took into account the assumed indirect economic effect, such as the promotional effect the concerts had on the cities in drawing local and foreign tourists thanks to BTS, added the daily.
The four concert dates last month attracted a total of 94,000 local and foreign fans.
“(The research) verifies the importance of the culture industry as an economic growth engine,” the daily quoted the professor as saying that he expects events like these could boost the local economy and create foreign demand for Korean tours.
Elsewhere, the same daily also reported that the K-pop boy band has been nominated for MTV's 2019 Video Music Awards in four categories.
Boy With Luv, BTS' latest single featuring Halsey, is competing in the best collaboration category.
The award ceremony is slated for August 26 at the New Jersey's Prudential Center.
The main track of Map of the Soul: Persona is also competing in three other categories: Best K-pop, Best Art Direction and Best Choreography.
