$5.1 million cost, who will pay for BTS’s free concert at ‘Busan World Expo 2030’?

BTS News

BTS’s free concert will be held in Busan on October 15 to support Busan to increase its attraction for the 2030 World Expo (Expo).

According to officials in the business and culture world on September 6, BTS’ concert will be held at Busan Asiad Main Stadium on October 15 and will cost about 7 billion won (5 billion won). ,1 million USD) cost.

An official in the business community who participated in the bidding committee said, “Since this is a BTS concert, a lot of money will be spent on stage equipment… We had to spend about 7 billion won, but No one has claimed to pay.”

The event was held under the name “BTS in Busan” hosted and organized by BTS’ management company HYBE, and sponsored by Busan city.

The Busan Expo Bidding Committee was also partially involved in the organization of the event.

The audience will not be charged a ticket fee as it has been announced that the performance will be “free”.

An official from the Procurement Committee Secretariat said: “I am aware that HYBE will cover the costs of this event by receiving advertising and sponsorship from companies and that the Expo Tendering Committee will not pay. money”.

An official from the Busan City Introduction Planning Group also explained, “As HYBE is the organizer, questions about costs will be answered by HYBE.”

HYBE told Korea Economic Daily that, “HYBE and many other companies are joining as official sponsors to participate in the effort to support the exhibition bidding.” The names of the participating companies were not disclosed.

The Busan Expo Bidding Committee understands that the organizations involved will ultimately receive the invoice.

This means that major corporations such as Samsung, SK, Hyundai, LG, Lotte and CJ, which are working to organize the Busan Expo, can participate in paying expenses as sponsors for the event. this case.

However, in a poll with the Korea Economic Daily, each company said that “we have not received any funding requests and have no plans to support costs”.

In the end, it is very likely that the event will be sponsored by the companies in time, or the costs will be covered by HYBE.

If corporate funding is not viable, HYBE can cover the remainder. According to the Financial Supervisory Service’s electronic disclosure, HYBE posted sales of 797.1 billion won in the first half of this year alone.

The company’s operating profit was 125.3 billion won and net profit was 129.5 billion won. Therefore, the company has enough financial capacity to cover the cost of the concert.