“PTD on Stage”: BTS Creates 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. Although it shouldn’t come as a shock, it’s been recorded that BTS grossed a total of 40 billion won ($32.1 million) with their four-day “Permission to Dance on Stage” concert in Las Vegas. . While the gig only lasted four days, that added to the initial score of $33.3 million at SoFi Stadium in Los Angeles in December 2021.
Reports also suggest that BTS has turned the entire city of Las Vegas purple, practically renaming its name “Borahaegas”. BTS’s “The City” event has become a fan event for ARMYs around the world to come out and celebrate with BTS in exceptionally large numbers, unlike any musical act that might have done so before the septet. With such a stellar record added to BTS’ insane selling power, including their 100 billion won ($80 million) concert in Seoul for “PTD on Stage” in March, analysts are now exploring the possibility that BTS has a impact on the world economy, mainly that of South Korea.
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BTS has a positive impact on the South Korean economy
With over 200,000 ARMYs from around the world attending the BTS concert in Las Vegas despite the ongoing Covid pandemic which has virtually destroyed the entire global economy, the BTS concert is a boon that sets a great example of the economic ripple effect that buys group has created. Of the 40 billion won ($32.1 million) in revenue with four sold-out shows plus merchandising sales and online streaming combined, and revenue generated by fans staying in hotels or consuming alone various entertainment, BTS is expected to register 200 billion won. ($160 million).
This means that BTS not only helps the economies of countries like the United States and South Korea recover from the Covid pandemic, but also plays a key role in attracting foreign tourists to the cities of their performances. This proves extremely beneficial for the spread of Hallyu (Korean Wave) in the global market. It has also been reported that BTS has played a pivotal role in reopening and resuming the nation’s entertainment, culture and tourism industry, which is why analysts say BTS’s eventual military enlistment could s prove to be a financial loss for the Korean economy.
What happens when BTS enlists?
The report touched on issues such as what the future holds for South Korea in terms of ending the pandemic as well as BTS’ outstanding fundraising achievements internationally. Analysts believe that if BTS held a concert the size of the Las Vegas concert, millions of fans from all over the world would travel to South Korea, bringing benefits to all sectors in the country.
On April 20, according to an investigation revealed by the Culture Industry Research Center of the Korea Culture and Tourism Research Institute, it was reported that if BTS were to hold such a concert in Korea now, it should fetch up to $619.7 billion. won ($497 million) to 1.2207 trillion won ($803 million) per issue. According to this calculation, it is also expected that if BTS holds 10 such performances in one year, South Korea would be able to bring in 12,206.8 billion won per year.
Although this sounds extremely nice, there are many factors that will contribute to this analysis. But analysts are also considering the possibility of South Korea taking a chance on such a financial advantage in case BTS enlists. BTS’s popularity is at its highest right now, but in case the members start enlisting one by one, the group will remain incomplete for a long time while if the members choose to enlist together, BTS will have to face two full years. of inactivity possibly reducing their overall impact. Both cases will, however, have a negative impact on South Korea.