The Korean Wave or hallyu - it includes Korean TV dramas and K-pop - sweeping across the world has come as a blessing in disguise for the country’s image and economy, especially after the 1997 Asian financial crisis. It estimated the corporate value of BTS’ management company Big Hit Entertainment, which has an IPO planned for next year, at more than 1 trillion Korean won (Rs 6,100 crore). “For the five days after BTS topped the US billboard album chart, Billboard 200, on May 28, the stock prices of entertainment companies shot up.” In fact, the band BTS is having a significant effect on the stock market as well, reported news portal Business Korea. Korean economy has grown richer over the last two decades and the export of K-pop has propelled the South Korea’s music to an estimated $5 billion (Rs 34,500 crore) industry, according to a report published in the Korea Creative Content Agency in 2017. “Psy was next in 2012, and it took until 2017 for BTS, with DNA to become the first group to appear with a Korean song, not an English variant,” says Tamar Herman, a columnist for Billboard’s K-Pop section and contributing writer for Forbes. The same year, Wonder Girls’ English-version of Nobody was the first Korean single to appear on the Hot 100 song chart. BoA’s (real name Kwon Bo-ah) self-titled Englishlanguage album was the first to appear on the Billboard 200 in 2009. K-pop albums making it to the Billboard listing, though, isn’t new. The Korea Music Content Association, through Gaon Music Chart, South Korea’s equivalent of the Billboard chart, has issued a certification that Love Yourself: Tear has sold a million copies since its release on May 18 this year. Last year, BTS' Love Yourself: Her, peaked to No.7 on the Billboard 200. This year, the seven-member South Korean boy band, BTS, became the first ever K-pop album to make it to the No.1 spot on the Billboard 200 chart with their Love Yourself: Tear. Korean pop has since reached staggering heights of popularity.
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