Kpop giant BTS 'worth $3.6 billion a year' to South Korea

SEOUL - South Korean boyband BTS are worth more than $3.6 billion to the country's economy every year -- equivalent to the contribution of 26 mid-sized companies -- a research institute said Tuesday.

The floppy-haired songsters were also the reason that one in every 13 foreign tourists visited South Korea in 2017, the Hyundai Research Institute said.

Known for their boyish good looks and meticulously choreographed dance moves, BTS -- short for Bangtan Sonyeondan, which translates as Bulletproof Boy Scouts -- have become one of South Korea's best-known and most valuable musical exports.

Earlier this year the septet became the first K-pop band to top the US album charts, a sign of the genre's growing global appeal.

That appeal has helped boost the brand image of South Korean products abroad, the institute said, making BTS a valuable economic asset. 

Researchers estimated the group's so-called annual production inducement effect -- the total economic value generated by related industries -- at 4.1 trillion won ($3.63 billion) annually, the same as 26 mid-sized South Korean companies.

Some 800,000 tourists were believed to have chosen South Korea as their destination last year because of BTS -- more than seven percent of the total visitors to the country.

More than $1 billion in consumer exports, such as clothes, cosmetics, and foodstuffs, were associated with them, it said.

If BTS maintain their popularity they can be expected to generate an economic value of 41.8 trillion won over the next 10 years, the institute added.

source: news.abs-cbn.com

Korea strengthens film links with PH

MANILA -- The Koreans are ensuring that the “hallyu” or “Korean wave” will continue its global swell by establishing cultural links with other countries, including the Philippines.

What began with Korean telenovelas, which has extended to other areas like movies, pop music and food, the Korean wave continues to reach foreign shores, with the Internet.

“The future of hallyu should be the collaboration between the two countries’ artists,” Korean Ambassador to the Philippines Lee Hyuk said on Tuesday at a forum on “hallyu.”.

JiYin Park, senior researcher of the Korean Film Council, pointed out that the Korea government not only supports Korean film industry but also has programs to help the movie industries of other countries, saying it is important for government to support in the worldwide growth of film industry.

Tae-sun Jung, general Manager of CJ Entertainment Vietnam, also emphasized the importance of considering local cultures when distributing Korean films in other countries.

““I’ve been working in Vietnam for one year, and for the period, I distributed about five films of Korean movies, and what I think about the marketing abroad is basically about which movie will fit to the country,” he said.

“So what I consider is the culture of the country, and also we mostly choose the movie with famous actors, and we also consider the taste of the local people,.” he added, noting the tremendous potential for success in Asia, especially in the Philippines.

In Tuesday’s forum, several Filipino movie directors, including Ato Bautista, Jade Castro and Pepe Diokno, also shared their own experiences working with Koreans, either in terms of funding support or through invitations to foreign film festivals.

“Not only do filmmakers like myself get to meet financiers and important connections, we also get updated with the world film industry. Network of Asian Fantastic Films (NAFF) IT Project helped us by putting the spotlight on the Philippines. This move undeniably pushed and announced formally that Filipino Genre Cinema is here,” Bautista noted.

“I thank the Korean Film Council for helping us contribute to the rich makeup of Philippine cinema, and widen the scope of what Filipino movies can be,” added Diokno. “I must point out that the Koreans do this without any creative intervention, allowing our films to keep a Filipino spirit, and filmmakers like myself to stay true to our intentions- which is usually a struggle, even when dealing with local film grants and film studios.”

“I mention these to point out that if Korean films, TV shows, and music have a market in the Philippines, then Filipino films, TV shows, and music can have a market in Korea, too. We should look into exporting more of our ‘products’ to South Korea, and again, we can learn so much from them in how to do so,” Diokno said..

The 2013 Hallyu Forum was hosted by the Korean Cultural Center Philippines, which is holding a Korean film festival starting Wednesday until October 13.

source: www.abs-cbnnews.com