June 13 holds immense significance for BTS and their dedicated fanbase, ARMY, as it marks the day of their debut in 2013. On this momentous occasion, the K-pop boy band released their inaugural single, “No More Dream,” which was featured on their debut album, titled “2 Cool 4 Skool.” From that humble beginning, BTS has soared to remarkable heights, establishing themselves as one of the most celebrated and accomplished music groups worldwide. Their extraordinary journey has been accompanied by a multitude of accolades and record-breaking achievements, solidifying their status as global icons.
BTS, the reigning champion of Korean boy bands on a global scale, continues to shatter boundaries and set new records across various industries.
Within the music industry, BTS has secured top positions on music charts worldwide and accumulated numerous prestigious awards. Their unparalleled success and influence have elevated them to unparalleled heights.
Beyond their musical achievements, BTS has embarked on a worldwide campaign known as “Love Yourself,” aiming to combat violence and promote self-acceptance. As global ambassadors for UNICEF, they have used their platform to advocate for positive change and address important issues. Notably, they have been given the opportunity to deliver a powerful speech at the United Nations, amplifying their impact on a global stage.
Impact on Korean Economy
BTS, affectionately dubbed the “Bangtan economy,” has garnered recognition for its significant contributions to South Korea‘s culture, economy, and industries through its immense popularity.
In 2019, the Hyundai Research Institute published a report indicating that BTS’s influence on the South Korean economy was substantial, with an estimated annual impact of 5.56 trillion won (equivalent to US$4.9 billion).Projections from the institute suggested that BTS would generate a total of 56 trillion won over a ten-year period from 2014 to 2023. Furthermore, the chart-topping success of their hit single “Dynamite” in 2020 was estimated to have created an additional 7,928 jobs, contributing 1.23 trillion won to the production sector and adding 480 billion won to the overall value.
The Bank of Korea Economic Statistics System also revealed that South Korea’s balance of payments (BOP) for music and entertainment stood at US$114.7 million in the first quarter of 2019, further emphasizing the economic significance of BTS’s influence.
In other aspects
BTS’s impact extends beyond the economy, as their immense popularity has also significantly influenced tourism, consumer goods exports, and brand partnerships.
In a survey conducted by the Korea Tourism Organization, the top five BTS-related locations were identified, showcasing the band’s power in attracting tourists. Additionally, the Seoul Metropolitan Government recognized BTS’s role in revitalizing Seoul’s tourism industry, attributing their influence to increased visitor numbers.
BTS’s influence on consumer goods is undeniable, with their annual impact reflected in various sectors. In 2019 alone, they contributed to the significant growth of consumer goods exports, particularly in clothing (amounting to US$2.026 billion), cosmetics (reaching US$2.8 billion), and food (totaling US$3.966 billion). Their endorsement as global ambassadors for Hyundai carmaker has also proven fruitful, generating a profit of 600 billion won (equivalent to US$504 million) for the company.
Overall, BTS’s far-reaching influence encompasses not only the economy but also tourism, consumer goods, and successful brand partnerships.
Impact of joining military services
In 2022, BigHit Music, the agency representing all seven members of BTS—Jin, RM, Suga, J-Hope, Jimin, Jungkook, and V—made an announcement regarding their military service. The members will be enlisting in the military, starting with Jin, and the group will reunite in 2025. Consequently, while there will be no BTS concerts as a group, the members have been holding their individual shows and launching new music during this period.
The decision to enlist BTS sparked a significant debate in South Korea, leading to divisions among society and lawmakers. The country’s conscription system mandates that all able-bodied men between the ages of 18 and 35 serve approximately 18-21 months in the military.
Upon the announcement of BTS’s planned enlistment, shares of HYBE, the parent company of BigHit Music, initially experienced a slight decrease. However, the following day, shares rose by as much as 7.8 percent.
Officials have reassured fans that while BTS’s absence will be felt, their sales will not disappear entirely. The members’ individual activities, the release of pre-filmed content and photobooks, and sales of previous albums are expected to remain highly profitable. However, the focus for HYBE will be on generating sales through new business ventures in the absence of their biggest moneymaker.
The K-Pop industry holds a special place in South Korea as a source of national pride, and its relationship with the government differs from that of many Western countries. The music industry and the government in South Korea are closely intertwined, offering unique mutual support.
BTS, in particular, has received substantial support from the government throughout the years. They enjoyed a close partnership with the previous President of the Republic of Korea, who recognized their significance by appointing them as Special Presidential Envoys for Future Generations and Culture. This prestigious role included invitations for BTS to deliver speeches at the United Nations on multiple occasions.
During the ongoing debate regarding whether BTS members should fulfill the standard two years of national military service like other eligible male citizens, their dedicated fanbase, known as the “Army,” passionately petitioned for their exemption from conscription, citing their national importance.
The fervent support of their fans and their recognized cultural impact have played a significant role in the discussion surrounding BTS’s military service obligations, highlighting the unique dynamics between the K-Pop industry, the government, and the public.
BTS is one of the most popular and successful K-pop groups in the world. They have a large and dedicated fan base, known as the “ARMY.” BTS has helped to popularize K-pop music around the world and has inspired a new generation of fans.
BTS (Bangtan Boys)
RM – Kim Namjoon (Leader of the group); Jin – Kim Seokjin (Also known as Worldwide Handsome); Suga – Min Yoongi (grandpa of the group); J-Hope – Jung Hoseok; Jimin – Park Jimin; V – Kim Taehyung (Chief of Mischief) and Jungkook – Jeon Jeongguk (the main vocalist).
They co-write or co-produce much of their material and their music is a mix of genres, including pop, hip hop, and R&B.
Top songs of BTS
Some of BTS’s most famous songs include “DNA,” “Fake Love,” “Idol,” “Boy With Luv,” “Forever Young’’, “Butter’’, “Dynamite’’, and have all topped the charts in South Korea and globally.