The group is set to hold a concert on the 21st to mark the release of its fifth full-length album, “Arirang (ARIRANG).” Retailers and the tourism industry are preparing for fans of the global BTS fandom known as ARMY arriving from around the world, with attention focused on the event’s economic ripple effects.
◇ 15,000 tickets gone in 30 minutes; officials forecast 260,000 people
According to the industry on the 6th, general ticket sales for the Gwanghwamun concert — 15,000 seats sold through NOL Ticket last month — sold out in 30 minutes.
Police and the Seoul city government estimate about 260,000 people will gather on the day of the show, centered on Gwanghwamun Square where the stage will be installed and extending to Deoksugung’s Daehanmun Gate and the area around Sungnyemun. Fans who failed to get tickets have already been camping near the seating area to get as close as possible, underscoring the intensity on the ground.
Nearby lodging has been scarce. Hotels and guesthouses in the area are fully booked, and remaining rooms are being offered at prices several times higher than usual. Nearby shopping districts such as Myeongdong are also promoting BTS-related merchandise as they prepare for an influx of foreign visitors.
◇ Gyeongbokgung to close; Sejong Center cancels shows amid safety concerns
The Korea Heritage Service said it will close Gyeongbokgung Palace and the National Palace Museum of Korea on the 21st to prevent safety accidents tied to crowding. The Sejong Center for the Performing Arts also canceled all indoor performances scheduled for that day, including musicals and ballet.
BTS members are expected to follow a “king’s road” route — starting at Geunjeongjeon Hall inside Gyeongbokgung, passing the Woldae platform at Gwanghwamun and then taking the stage — a plan that organizers say will be broadcast live worldwide.
◇ KCTI estimates up to 1.2 trillion won per show; Gwanghwamun seen amplifying impact
Industry officials expect the concert’s economic impact to reach the trillions of won.
The Korea Culture & Tourism Institute has estimated that a single BTS concert in South Korea at a 65,000-seat venue after the end of the COVID-19 pandemic could generate an economic ripple effect ranging from at least 619.7 billion won to as much as 1.2207 trillion won. A research team led by Korea University Business School professor Pyeon Ju-hyeon found the direct and indirect economic impact of BTS’ three-day final concert at Jamsil Olympic Stadium in 2019 totaled about 922.9 billion won. A single concert held at Busan Asiad Main Stadium in 2022 was also assessed to have produced an economic effect approaching 1 trillion won.
Some in the culture and tourism industry said the Gwanghwamun show’s reach could be larger because it will be livestreamed worldwide via Netflix and staged at what they called the symbolic heart of the nation’s capital. They said the impact could extend beyond tourism revenue to indirect value such as promoting K-culture and strengthening national branding.
* This article has been translated by AI.
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