Explainer: How BTS's military service could impact South Korea's economy
BTS fans were heartbroken as BigHit announced the enlistment of RM, Jimin, V, and Jungkook last month. They will soon join Jin, J-Hope, and Suga—already in military service. This means no new music until the group reconvenes in 2025. The absence of BTS will undoubtedly leave a void in the music industry. But here, we examine how this would affect South Korea's economy.
Why does this story matter?
Since June 2022, the septet has been on a hiatus to fulfill South Korea's mandatory military service. With one of the world's largest active armies defending against North Korea, all able-bodied men aged between 18 and 28 are required to serve for 18-21 months. However, time and again, public debate has arisen regarding whether BTS members should receive exemptions due to their significant contributions.
To what extent does BTS contribute to South Korean economy
In 2018, the Hyundai Research Institute estimated that BTS contributed over $3.6B annually to South Korea's economy and generated $1.1B in consumer goods exports yearly. According to researchers, one in every 13 tourists arriving in Korea was attracted by BTS. NPR earlier reported BTS's total contribution to Korea's economy is approximately $5B per year, constituting around "half a percent of the country's entire economy."
BTS's collective net worth stands at approximately $3.6B: Report
According to Fortune, analysts projected that if BTS sustained its popularity from 2013 to 2023, the group would have contributed an impressive $29.4B (approximately Rs. 2,42,000 crore) to South Korea's economy. Each of the seven members of the K-pop group is individually wealthy, with btsbomb estimating the group's collective net worth to be around $3.6B in 2022, with by an annual income of $60M.
Why ARMYs (BTS's fandom) are worried about group's return
BigHit—a subsidiary of media conglomerate HYBE—has assured fans that BTS will return as a septet in 2025, providing a small but significant relief for their devoted fandom, ARMYs. While BTS's massive popularity makes their return likely, it contrasts with the fate of numerous other megahit groups like BigBang, ONF, and SF9, where military enlistment might often mark a natural end to their journey.
Meanwhile, know about enlistment details about BTS members
Recent reports suggest that RM and V are slated to join military service on December 11, followed by Jimin and Jungkook on December 12. With an anticipated 18 months of service, ARMYs are hopeful for all members' return before 2025. Before enlistment, the four members had been actively working on solo music projects, including Jimin's Production Diary, Jungkook's LP GOLDEN, and V's Project Layover.
When will Jin, J-Hope, Suga return?
Jin commenced his service on December 13, 2022, with an expected return in June 2024. J-Hope, who enlisted on April 18, 2023, should return on October 24, 2024. Suga—who opted for social service instead of military duty—is set to conclude his service in February 2025.
Everything to know about BTS
BTS (Bangtan Boys) made their debut in 2013 under BigHit Entertainment. Their diverse range of genres explored themes such as mental health, school-age struggles, coming of age, loss, self-love, individualism, and the pitfalls of fame. Over the years, BTS became the best-selling group in South Korean history, amassing numerous accolades, including American Music Awards, Billboard Music Awards, and five Grammy Award nominations, among others.
