‘PTD on Stage’: BTS creates a global economic ripple effect with their Las Vegas show
It has become a well-known fact that BTS has become a global sensation but what happens when the popularity of a K-pop boy group determines the future of the entire music industry. While it should not come as a shock, it was recorded that BTS grossed a total of 40 billion won ($32.1 million) with their four-day concert for ‘Permission to Dance on Stage’ in Las Vegas. While the concert was only four days long, this added to the initial $33.3 million box score at the SoFi Stadium in Los Angeles back in December of 2021.
Reports also suggest that as BTS turned the entire city of Las Vegas purple, practically renaming its name "Borahaegas". ‘The City’ event from BTS became a fan event for ARMYs from all over the world to come in to celebrate with BTS in an exceptionally large number, unlike any music act could have done before the septet. With such a stellar record added to BTS’ insane selling power, including their 100 billion won ($80 million) grossing 3-day Seoul concert for ‘PTD on Stage’ in March, analysts are now exploring the possibility of BTS impacting the global economy, mainly that of South Korea.
RELATED STORIES
ARMYs say BTS ‘carry industry on their backs’ as PTD Live Viewing earns 40 billion won
BTS records HIGHEST grossing worldwide cinema release with 'PTD on Stage - Seoul' concert
BTS positively impacts the South Korean economy
With more than 200,000 ARMYs from all over the world attending the BTS Las Vegas concert despite the ongoing Covid pandemic that pretty much took down the entire global economy, the BTS concert comes as a boon that sets a prime example of the economic ripple effect that buy group has created. From the 40 billion won ($32.1 million) revenue with four sold-out shows as well as merch sales and online streaming being combined, and the revenue generated from fans staying in hotels or consuming various entertainment alone, BTS is set to record 200 billion won ($160 million).
This means that not only is BTS helping economies of countries like the US and South Korea recover from the Covid pandemic but also playing a key role in attracting foreign tourists to the cities of their performances. This is proving extremely beneficial for the spread of Hallyu (Korean Wave) further into the global market. It has also been reported that BTS had played a pivotal role in reopening and resuming the domestic entertainment, culture, and tourism industry which is why analysts argue that BTS’ eventual military enlistment may prove to be a financial loss for the Korean economy.
What happens when BTS enlists?
The report tackled questions like what the future holds for South Korea in terms of the end of the pandemic as well as BTS’ stellar achievements in terms of funds internationally. Analysts believe that if BTS were to hold a concert in the same stature as they did the Las Vegas concert, millions of fans from all over the world would visit South Korea which would prove to bring profit to all sectors in the country.
On April 20, according to an investigation revealed by the Cultural Industry Research Center of the Korea Culture and Tourism Research Institute, it was reported that if BTS were to hold a concert like such in Korea now, it is expected to gross from upto 619.7 billion won ($497 million) to 1.2207 trillion won ($803 million) per show. By this calculation, it is also expected that if BTS holds 10 such performances in a year, South Korea would be able to gross 12,206.8 billion won annually.
While this seems extremely pleasant, there are many factors that will contribute to this analysis. But, analysts also consider the possibility of South Korea taking the chance with such a financial benefit in the event that BTS enlists. The popularity of BTS is at its all-time high at the moment but in the event that members start enlisting one by one, the group will remain incomplete for a long time while if members choose to enlist together, BTS will face a complete two years of inactivity eventually reducing their global impact. Both cases will, however, negatively impact South Korea.