BTS turn 10 to great acclaim (and big bucks)

BTS, short for "Bangtan Sonyeondan", which translates as "Bulletproof Boy Scouts" has become the iconic K-pop sensation of this era. The group consists of seven members: Kim Namjoon (RM), Kim Seokjin (Jin), Min Yoongi (Suga), Jung Hoseok (J-Hope), Park Jimin, Kim Taehyung (V), and Jeon Jungkook. They are considered major influencers both in the entertainment industry and in the global retail and fashion sectors.
In South Korea, the success of BTS is measured by the significant amount of revenue they generate for the country on an annual basis.

Seoul goes Purple
A significant boost to the South Korean economy across various dimensions is expected during the Festa, particularly in the tourism and retail sectors. Several prominent locations in Seoul are adorned with purple lights (the group's signature colour) to mark the occasion. These include the World Cup Stadium, Seoul City Hall, Banpo Bridge, and Namsan Seoul Tower.

Trip.com has revealed that the number of tourists expected to visit South Korea between June 12 and 25 is projected to increase by 13% compared to the previous month, marking a 4.5% increase from the previous two weeks.
Korea Times reports that HYBE, the management agency of BTS, has officially signed contracts with 13 partner companies, including hotels, department stores, airlines, fashion, and beauty products, to jointly organise events celebrating this 10th anniversary.

One of the partners, Hyundai Seoul department store, has revealed that their sales have visibly surged as a result of the Festa, with international tourists contributing to an increase in spending of 210.3%.
 

Generating billions in revenue

According to the Hyundai Research Institute, the total estimated revenue generated by BTS for the South Korean economy over the past 10 years is at 41.86 trillion won (US$32.6 billion or more than 1.13 trillion baht). This trend is expected to continue to increase as the global popularity of K-pop continues to expand rapidly.

The Institute also estimates that BTS attracts approximately 800,000 international tourists to visit South Korea annually. Furthermore, in terms of the market aspect, BTS stimulates an expenditure of around 5 trillion won per year and contributes to promoting South Korean exports.

According to data from HotelsCombined, during the two-week period of the “BTS Festa” event, there has been a 96% increase in searches for accommodation in South Korea compared to the previous year, and a 106% increase in searches for accommodation in Seoul. Moreover, online searches for flight bookings to South Korea increased by 15%.

The excitement has also spread to the retail sector, with the production and sale of products related to the celebration of BTS's 10th anniversary. Convenience store GS25 has launched new products such as commemorative mineral water and hamburgers and these will be on sale until the end of June.

Another example is the tax-free store Shilla Duty Free Shop, which has created a special space called "Space of BTS" in Seoul to showcase and sell merchandise related to all seven members of the idol group. They offer over 300 items, including clothing, dolls, stationery, and office supplies. The store has revealed that the average monthly sales from the BTS merchandise section have tripled compared to the previous year.

The popularity of BTS has also reached government service agencies, where they have seen increased revenue opportunities. For example, the Korea Post has issued special stamps, which have proved so popular that 1.5 million sets have already been snapped up by adoring fans.

Here in Bangkok, a pop-up store has been set up on the first floor of Siam Discovery. Open through the end of July, fans are invited to take photos, and purchase various commemorative items.

The band is currently on furlough, with two of its members, Jin and J-Hope already undertaking mandatory military service.