BTS breaks the record for the largest paid virtual concert, earning close to $20 million in 1 show

BTS breaks the record for the largest paid virtual concert, earning close to $20 million in 1 show

What kind of week would it be if BTS didn’t set another record? In the last week, the Korean supergroup broke the glass ceiling for hosting the largest paid virtual concert to date.

Entitled ‘Bang Bang Con’, BTS hosted their virtual concert on 14 June to celebrate the 7th anniversary of their debut. According to their label, Big Hit Entertainment, the show peaked with 756,000 viewers at one time from over 107 countries, "marking the biggest audience for a paid virtual concert”. 

The group charged between US$26 - US$35 for tickets, which approximately amounts to at least US$19 million in sales revenue.

While that number is undoubtedly impressive, it's not an amount the boys of BTS have not seen before. According to Business Insider, in 2019, the grossed over US$44 million across six stadium shows in just the US, as part of their Love Yourself: Speak Yourself world tour. But, for a virtual show, it's certainly an amazing feat. 

Whether livestream concerts are financially sustainable for artists has been an ongoing conversation in the live music industry. With one concert, BTS just proved that it can be.

In the last couple of months, we’ve seen a multitude of artists take to fundraising concerts and pay-per-view shows, while many companies come up with new creative and inventive ways to reinvent live music events in the age of COVID-19. Most recently, we’ve witnessed the announcements of virtual reality music festivals and interactive digital concerts that provide immersive experiences for fans.

Whether these types of events can financially support the music ecosystem through this pandemic is, however, too early to say. 

Following BTS’ revolutionary virtual concert, here what some fans and celebrities have to say:

 

 

Cover image credit: BTS Official Facebook Page