The group BTS's North American world tour is generating enormous economic ripple effects, prompting what has been called "BTSnomics," major foreign media reported. HYBE's "THE CITY" project, which transforms entire host cities into theme parks rather than just offering a concert experience, was credited with maximizing the synergy.
The Guardian reported that BTS, who resumed a world tour after a four-year hiatus, is driving a huge economic boom in the United States. The outlet focused on the tour schedule, which will take place in seven North American cities in August and September across 16 shows, and highlighted the results of the May Las Vegas performances, which generated about $340 million (about 45 billion won) in economic impact.
In particular, it emphasized that Manhattan's Koreatown experienced a huge windfall after the New Jersey MetLife Stadium shows on the first and second drew about 157,000 attendees. The Guardian quoted Michael Mariano, head of Tourism Economics, saying, "Even looking only at BTS fans' average spending (linked spending beyond tickets such as accommodation, food and beverage, and airfare), the ripple effect will be comparable to or greater than the FIFA World Cup."
The success of BTS's tour also directly translated into record results for their agency HYBE. HYBE became the first company in the entertainment industry this year to surpass 1 trillion won in revenue in a single quarter, recording its highest-ever performance of 1.45 trillion won since its founding.
The Guardian also pointed to HYBE's "BTS THE CITY ARIRANG" project, which collaborated with local businesses and cultural facilities, as a success factor for its cultural scalability. K-beauty experiences and a lightstick playground linked with the New York Korean Cultural Center, a special media art exhibition at the Artech museum, and special menu pop-ups at Korean restaurants all received enthusiastic responses from tourists, completing the festival atmosphere.
Yoon Bora, director of visual arts at the New York Korean Cultural Center, told the outlet that K-pop serves as a huge gateway that leads people to discover not only Korean language learning but also Korea's beauty, food, technology and tourism. BTS's actions, connecting cities and cultures through the power of music, are acting as a powerful momentum moving industries globally.
[Photo] BigHit Music (HYBE)
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