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A promotional image for BTS’ newest single “Dynamite.” (provided by Big Hit Entertainment)

The new BTS single “Dynamite,” which last week became the first by a South Korean title to top the US’ Billboard Hot 100 Chart, will contribute some 1.7 trillion won (US$1.43 billion) to the Korean economy, an analysis shows.

In an announcement on Sept. 7, the Ministry of Culture, Sports and Tourism (MCST) and the Korea Culture & Tourism Institute (KCTI) said, “Based on sales figures for BTS’ agency Big Entertainment, Bank of Korea [BOK] input-output tables, Korea Customs Service import and export statistics, Google Trend search volumes, and other factors, the economic ripple effect generated by ‘Dynamite’ has been estimated to total 1.7 trillion won.”

According to the analysis, direct sales associated with “Dynamite” account for 245.7 billion won (US$206.8 million), with an estimated increase of 371.7 billion won (US$312.7 million) in exports of related consumer goods such as cosmetics, food items, and clothing. The production inducement effect from those profits was calculated at 1.23 trillion won (US$1.03 billion) and the value-added inducement effect at 480.1 billion won (US$403.9 million), with jobs created for 7,928 people.

The MCST and KCTI explained that their findings “excluded foreign tourism in view of the restrictions on overseas movements and the lack of domestic tourism due to the COVID-19 pandemic.”

“If promoting the national image and branding are also taken into account, the economic ripple effects are likely to be even greater,” they predicted.

South Korea’s rating on global indices has enjoyed a steep rise amid rapid growth in the Korean content industry, including the success of BTS and the film “Parasite.” In the 2020 Global Innovation Index released by the UN-affiliated World Intellectual Property Organization (WIPO) on Sept. 2, South Korea ranked 10th overall, up one spot from last year.

By Roh Hyung-suk, culture correspondent

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