[theqoo] BTS BUSAN CONCERT WORTH 70 BILLION WON... BUSAN METROPOLITAN GOVERNMENT "WE'RE NOT PAYING THAT MONEY"

Hybe seems to be financed through corporate sponsorship
The show is in one month... Major companies "heard nothing of it"

The BTS concert to be held in Busan on the 15th of next month to help Busan attract the 2030 World Expo is about a month away, but it is not clear who will pay the related expenses.

According to business and cultural officials on the 6th, it is known that about 7 billion won (~5M USD) is required for the BTS performance to be held at the Busan Asiad Main Stadium on the 15th of next month. An official from the business world participating in the bid committee said, "Since it's a BTS performance, a lot of money needs to be spent on stage equipment."

The event, which is held under the name of 'BTS in Busan', is hosted and supervised by Hybe and sponsored by the city of Busan. The Busan Expo Bidding Committee is also partially involved in hosting the event.

Hybe replied to the Korea Economic Daily, "Hybee and many other companies are participating as official sponsors to participate in the effort to attract people to the expo." The names of participating companies were not disclosed.

Both internal and external parties of the bidding committee understand that companies will eventually receive a 'bill'. This means that major groups such as Samsung, SK, Hyundai, LG, Lotte, CJ, which are working to attract the Busan Expo, will be sharing some amount in the name of sponsorship or advertisement. However, every company responded to an inquiry from the Korea Economic Daily that "we have not received any requests for sponsorship[..] and we did not make any plans to sponsor this event." In this case, it is highly likely that companies will have to pay the cost last minute near the event or Hybe will pay the money upfront and settle it afterwards.

If corporate sponsorship is not feasible, Hybe can cover the remaining amount. According to the electronic disclosure of the Financial Supervisory Service, Hybe made 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. They are not in a financial situation where they cannot cover the cost of the concert themselves.

This performance, which is purely sponsored by Hybe and various companies without ticket sales, is expected to be the 'greatest sponsored performance' among various events held in Korea. An official said, "As the cost of producing a large-scale musical performed for several months ranges from 10 billion to 30 billion won, it is understandable that BTS's concert will be worth 7 billion won in a one-day performance." "But I have never heard of an even like that that only relied on sponsorship".

source: https://n.news.naver.com/article/015/0004747030?sid=103

original post: here

1. This pisses me off, what are they doing with the kids?

2. Are they even real? Do you think this makes sense? They're asking BTS to do everything? This is a total power tripㅡㅡ

3. So in the end, they're going to cut down BTS' salary for this?

4. Don't do it, don't do it. Sigh I'm not even a fan and from a 3rd party perspective, I seriously wonder what their intentions are behind this... The fans must be agonizing

5. The way Busan city has been managing this is just legendary... I bet even Hybe didn't expect a public institution to be such thugs... Busan city, seriously what are you doing? All you did is ask the artists to perform and you think that this is it? This is incompetent and shameless

6. They're insane. Asking them to perform for free, but Busan city didn't know that there would be cost for the concert? This is legendary from 0 to 10. You've been tormenting BTS' family for a year basically forcing them to do it, this is bullsh*t

7. Who said that they wanted a 100K audience concert in the first place... Why would Hybe go through all this trouble? This event is just pushing them to the limit

8. Please just don't do itㅠㅠ Even though it's free, if something happens, it will all be the kids' faultㅠㅠ In the future, if this doesn't succeed in attracting people to Busan, they'll put all the blame to the kids again? F*ck this is annoying

9. Busan city should also be sharing the cost of sponsorship, what are you guys doing?

10. What the? They don't even want to pay to make the concert? And they're planning a free concert then granting them some special military enlistment?????????? I seriously don't understand a single thing that is happening

11. Busan city are thugs and I don't know what kind of lobbying Hybe gained from doing this? From the 100K audience to the concert fees, they're all insane

12. 70 billion isn't like the cost of some neighborhood's dog and it's not like it's a volunteering event either... This is straight up a scam???

13. ? Let's not do it, this has to be a jokeㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋ So basically they're putting all the work on the company to prepare for the concert, so they're basically doing charity work?ㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋㅋ

14. Is Hybe's representative from Busan?

15. We told you to not make it free from the beginning

You can still make a cheap entry fee, at least to break even

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