BTS 2022 free concert to support Busan bidding process for World Expo 2030 is getting closer, but there is no clear understanding as to who will pay for its gigantic budget. Check out the following report to see why Busan will NOT be paying for the concert.
BTS 2022 Free Concert to Support World Expo 2030 Will Be the GREATEST Sponsored Performance!
The 2022 free concert BTS will perform to support Busan bidding process for World Expo 2030 is getting closer. And the excitement is certainly overwhelming as the concert is reportedly forecasted to be the greatest sponsored performance of all time!
On September 6, HYBE and BIGHIT MUSIC updated that they would create various BTS-themed attractions and more entertainment around Busan City. And it will include themed accommodation packages, exhibitions and a theme park, as well as exciting official merchandise.
BTS <Yet To Come> THE CITY in BUSAN— BTS_official (@bts_bighit) September 6, 2022
Enjoy #BTS themed attractions, entertainment, and more all across Busan!
🏨Accommodations: Themed Packages
🎡Entertainment: Exhibition, Theme Park
🛍Shopping: Official Merch.
🔜Details will be provided later
Busan Will Reportedly NOT Pay for BTS Expo Concert – Why?
However, while October 15 is only a month away, there is no clear understanding yet as to who will cover the budget for BTS 2022 free concert in Busan.
On September 7, Korean media reported that Busan government and Expo Committee didn’t have the budget to cover the cost. Furthermore, a business community official who participated in the Busan Expo committee stated that since BTS performance will cost around 7 billion KRW (over 5 million USD), there is not a single place that can cover the cost.
Therefore, all parties involved seemed to be pushing it off.
“Since it’s a performance by BTS, a considerable amount of money will be spent on stage equipment. We have to spend about 7 billion won, but no place would pay. So, everyone seems to be postponing.”an official from Busan Expo committee.
Who is Supposed to Cover the Cost of BTS Upcoming Free Concert 2022?
Officially, BTS upcoming free concert 2022 to support Busan bidding process for World Expo 2030 is conducted and organized by HYBE.
Indeed, the concert’s sole purpose is to support Busan bidding process for World Expo 2030. After all, the Busan government had desperately requested BTS and HYBE assistance for the project and appointed them as ambassadors.
However, Busan City will only act as the “sponsor” for BTS 2022 free concert, while the Expo committee will only partially join in hosting it.
And since the concert will not charge any fee, all the attendees can join the performance for free. Therefore, there will be no return budget from the ticket sales.
So, who will pay for BTS free Expo concert 2022 in Busan?
An official from the Secretariat of Busan Expo Bidding Committee stated that since HYBE is the event organizer, they will be the one answering all the inquiries about the cost. However, the committee claimed that in their understanding, HYBE would cover the concert cost by receiving company advertisements.
“I understand that HYBE will cover the cost of this event by receiving advertisements and sponsorship from companies, and the Expo Bidding Committee will not pay.an official from the Secretariat of Busan Expo Bidding Committee.
Since HYBE is the organizer, inquiries regarding cost should be answered by HYBE.”
HYBE Will Possibly Have to Cover Everything!
Regarding the inquiries about BTS free Expo concert 2022 in Busan, HYBE responded to Korea Economic Daily that other companies would join them as official sponsors. However, they did not disclose the names of these companies.
“HYBE and many other companies are participating as official sponsors to participate in the effort to support the expo bidding.”HYBE.
At the same time, the Expo committee also believed that major companies in South Korea would eventually receive a “bill”. It means prominent established groups like Samsung, Hyundai, LG, Lotte, SK, and CJ, who are currently joining the project, will share the burdens of the concert’s costs in the name of sponsorship advertisement.
Still, what’s appalling is that these companies stated in an inquiry to the Korea Economic Daily that they’re not planning to support the cost.
“We have neither received any sponsorship requests nor setting up any kind of support plans.”A unison statement from South Korea’s major companies.
As a result, there are two possibilities happening in regards to BTS 2022 Expo concert in Busan. First, major companies might urgently have to sponsor the concert near the event. If not, HYBE will have to cover everything from their own pocket.
One thing is for sure: Busan city government will most likely NOT be paying for the concert’s costs.
Will You Come?
Finally, even if HYBE is required to pay for all the costs of BTS 2022 free concert for the Busan Expo, they certainly have the ability to do so. After all, the company had earned 797.1 billion KRW (over 579 million USD) of sales during the first half of 2022. In addition, the company also gained 125.3 billion KRW (approximately 91.1 million USD) of operating profits and 129.5 billion KRW (94.2 million USD) of net profits.
Therefore, HYBE is perfectly capable of handling the cost alone.
BTS global free concert, “BTS <Yet To Come> THE CITY in BUSAN” will be on October 15. Following its previous problematic issues, HYBE changed the venue to Busan Asiad Main Stadium, accommodating a maximum of 60,000 to 70,000 attendees inside and the rest through a LIVE PLAY from Outdoor Parking Lot of Busan Port International Passenger Terminal.
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