South Korean K-pop band BTS’ latest hit track “Dynamite” is expected to generate a whopping revenue of 1.43 billion USD (1.71 trillion KRW) into South Korea’s economy.
BTS released their latest song “Dynamite” on Friday, Aug. 21. “Dynamite” was the band’s first all-English single and it instantly became a worldwide success following its release.
On Sept. 1, “Dynamite” became the first South Korean track to top on Billboard’s ‘Hot 100’ chart. Along with topping Billboard’s charts, the single also dominated the No.1 spot on various other platforms including Spotify, iTunes, YouTube and more.
The retro-themed song set the record for the single with the highest streams within 24 hours on YouTube and Spotify. It also ranked No. 1 on iTunes charts in over 100 countries. The band also recently won the “Best Music Video” and “Best Fan Army” at the 2020 iHeartRadio awards. The winners of both the awards were determined through online voting.
On Sept. 7, South Korea’s Ministry of Culture, Sports, and Tourism, along with the Korea Culture and Tourism Institute got together to analyse the revenue generated by the success of “Dynamite” which reached No. 1 on the Billboard chart.
The government organizations analyzed the statistics from the Bank of Korea and Korea Customs Service, data from Google trends, and Big Hit Entertainment’s revenue, Allkpop reported. According to their study, the Billboard chart topping single is expected to create 1.23 trillion South Korean won (1.03 billion USD) for the country’s production centre. It is also expected to generate about 480 billion won (404 million USD) in added worth.
The success and achievements of the K-pop group’s latest single is expected to play a prominent role in the increase of global sales of various non-music related South Korean goods such as Korean beauty products, Korean food, and more. The study also suggested that it could also create approximately 8000 new jobs in the country.
Meanwhile, BTS member Jungkook recently revealed that the band celebrated the success of “Dynamite” by sharing a class of champagne with all the members, while enjoying some good food and time together.
BTS also recently launched a reality show titled “In The Soop” which features the members enjoying a vacation in a forest, away from their busy activities and schedules. The show airs every Wednesday at 11 p.m. KST (10 a.m. EST) on JTBC for South Korean fans and at 12 a.m KST (11 a.m. EST) on Weverse for International fans.