[Yonhap Photo]
Researchers led by Pyun Ju-hyun, a professor at Korea University's Business School, said on Wednesday that BTS generated an economic value of 481.3 billion won ($407 million) just with four fan meetings and two concerts at home in June.
They have summed up economic values generated by ticket sales at concerts and fan meetings as well as money spent by fans when they stayed and ate at local areas to attend BTS' events.
"The research confirmed the importance of the cultural industry as an economic growth engine. We predict that these events will serve as a good channel to boost the domestic economy and create more demands for foreign tourists," Pyun said.
In December last year, Hyundai Research Institute estimated that the band generates economic value worth 4.1 trillion won annually. About 7.6 percent of foreigners who visited South Korea in 2017 was BTS-related, it said.
reporter
Park Sae-jin
swatchsjp@ajunews.com
