JAKARTA - The free concert of the K-pop group BTS at Gwanghwamun Square last weekend did not have as much economic impact as expected.
The large-scale concert is part of the launch of BTS' latest album titled Arirang. This event was previously projected to be able to boost the tourism sector and micro, small, and medium enterprises (MSMEs) in Seoul.
However, the realization in the field shows a different result. Although it attracted tens of thousands of fans, including from abroad, a number of business actors around the location admitted that they did not feel a significant increase in sales.
Seoul authorities' data shows that the number of spectators is only around 46,000 to 48,000 people. This figure is far below the initial projection of 260,000 visitors, as well as HYBE's estimate which targets around 104,000 spectators.
The low number of visitors has a direct impact on the income of local business actors. One restaurant owner in the Gwanghwamun area admitted that he only earned around 1 million won (about Rp12.7 million), far below the initial target of 20 million won.
Meanwhile, other business actors around Sejong Center reported that sales only reached 70-80 percent compared to Saturday in general.
A number of parties consider that the low attendance of spectators is influenced by the strict crowd control policy. This step was implemented by the government as a response to safety concerns after the 2022 Itaewon Tragedy.
Local authorities imposed a number of restrictions, such as operating the subway without stopping at the nearest station, restricting entry points, and using metal detectors in the event area.
Security was also carried out on a large scale with the deployment of around 10,000 personnel, including 6,700 police officers. This policy triggered criticism because it was considered to add to the cost burden, with an estimated overtime pay for the officers reaching around 440 million won or equivalent to Rp5.6 billion.
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