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Dynamite and an ARMY: how K-pop’s BTS invaded the US billboard charts
- RM, V, J-Hope, Jungkook, Suga, Jin and Jimin belong to no ordinary boy band, but a multibillion-dollar enterprise making up a chunk of South Korea’s GDP
- While their success has only recently been recognised overseas, it has been a long-time coming and owes much to savvy marketing and fan engagement
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While K-pop outfit BTS’ first English-language single Dynamite continues to dominate the charts, the boy band’s management company Big Hit Entertainment is reportedly eyeing an IPO in October worth US$811 million.
The firm’s CEO Bang Si-hyuk is to offer his superstar group just over US$54 million in shares to strengthen their “long-term partnership” and “boost morale”, according to industry reports this week.
And that’s a boon not only for the personal fortunes of the band’s seven members – RM, V, J-Hope, Jungkook, Suga, Jin and Jimin. The group accounted for more than US$4.65 billion, or 0.3 per cent of their native South Korea’s GDP in 2019, according to the Hyundai Research Institute.
Yet for all the band’s success – and its immense global fan base called ARMY – it is only recently, and particularly since Dynamite debuted at No. 1 on the US billboard 100 chart in late August, that overseas critics and institutions have begun to sit up and take notice.
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