BTSs chartbuster hit ‘Dynamite’ worth $1.4 billion for South Korea

K-Pop sensation BTS’s chart-topping single “Dynamite” could generate over $1.4 billion for South Korea’s economy, AFP reported. It can also create nearly 8,000 new jobs in the country, a South Korean government study found on Monday.

Bangtan Boys, also known as BTS, hit the new record in the world’s biggest music market last week, by dropping an all-English track that soon ranked number one in the Billboard Top 100.

The study by South Korea’s Ministry of Culture, Sports and Tourism and a government tourism institute found out that this track alone would result in a boost of 1.7 trillion won ($1.4 billion) for South Korea’s economic activity. This also generates employment opportunities for nearly 8,000 people in the country, as reported by AFP.

In addition to this, the study also projected that ‘Dynamite’ would enable 600 billion won of cosmetic sales and 180 billion won of food and drinks.

All the estimates were drawn by analyzing the sales of the BTS’s label Big Hit Entertainment, along with South Korea’s Custom’s statistics, Google Trends as well as the central bank of Korea.

Notably, the septet has crossed the global megahit Gangnam Style by rapper Psy, that remained at number two in the Billboard Top 100 for seven weeks in 2012.

“If we include the projected tourism revenue down the road… we expect the economic impact to be stronger” the ministry as reported by AFP.

Along with the South Korean soap operas, K-Pop is South Korea’s most successful cultural exports that promote the “Korean Wave” globally.