BTS have been described as "easily the biggest and most successful name in K-pop in the world" that can "do things no other name in their genre can", with Time giving them the nickname "Princes of Pop". Billboard Senior Vice President Silvio Pietroluongo said that BTS are comparable and as influential to the Beatles and The Monkees. Nielsen Music Vice President Helena Kosinski says that "although BTS weren't the first to open the doors to K-Pop worldwide, they were the first to become mainstream. They don't just appeal to young people but also to the 50s and 60s age demographic." As the first non-English speaking artist to make the Global Artist Chart in 2018, BTS had the second and third best-selling albums worldwide and were the second best-selling artists worldwide in terms of physical, digital, and streaming platforms, coming second only to Drake. In 2019, BTS were again named as one of the top 10 Global Recording Artists of the year by IFPI, for a second time, ranking #7. They were the only non-English speaking act on that list. In the United States, BTS accounted for 72.7 percent of the album consumption units generated by K-pop acts in 2018 out of a total of 17 acts. In South Korea, BTS accounted for 41.9 percent of album sales in the first half of 2019, up from their market share of 25.3 percent the previous year. In November 2019, Billboard ranked BTS at #4 on their Top Social Artist of the 2010s list, making them the highest group on the list. BTS was also ranked #45 on Billboard's Top Touring Artists of the 2010s list. They are the highest-ranked Asian act on the list as well as the only non-English speaking act.
BTS have been often regarded as "the biggest boy band in the world". They have also appeared in various power listings. The most tweeted-about celebrities in the world in 2017 and 2018, the band was included in Time's list of the 25 most influential people on the internet from 2017 to 2019, featured on the magazine's October 2018 international edition cover as "Next Generation Leaders," and were listed as one of Time 100's most influential people in 2019. The group was also listed as one of the most influential artists of the decade by CNN, for "popularizing K-pop in the US". According to a JoyNews24 'Power People of 2019' survey among industry professionals, BTS was chosen as #1 with 74 votes, with #2 being Parasite Director Bong Joon Ho with 29 votes. BTS also appeared in Bloomberg Market's 50 most influential in 2018, and Forbes Korea named them the fifth most influential celebrities of Korea in 2017, and the most influential celebrities of Korea in 2018. In 2019, BTS ranked 43rd on Forbes' annual list of the 100 highest-paid celebrities with earnings of $57 million. BTS also ranked first on the list of 'Top Rank Global Sustainable Future Leaders' during an announcement from the UN-sponsored SDG association at the United Nations headquarters, while BTS' fanclub, ARMY, were noted as the 'Top Rank Sustainable Global group'. Other notable people included in this list were Malala Yousafzai and Bill Gates. In California, BTS inspired a teacher to have his school be the first in the country to offer a Korean American Culture and Society course. Kang Soo Jung, exhibition manager at the Museum of Modern and Contemporary Art, said that while preparing the 50th anniversary exhibition called "Square," she was greatly influenced by BTS's hidden track "Sea".
The group's influence has led them to address the United Nations at their 73rd General Assembly and to perform before 400 officials including South Korean president Moon Jae In at the 2018 Korea-France Friendship Concert in Paris, a summit meant to show the friendly relations between France and South Korea. Moon Hee Sang, Speaker of the National Assembly, said that "BTS is doing most of our work," attributing the results of his overseas trip to the credit of the global group on an overseas trip to promote "sales diplomacy". In September 2019, president Moon Jae in also mentioned BTS in his announcement for his '3 major innovation strategies for the contents industry', stating that BTS has pioneered innovative business models that communicate directly with fans. In October 2019, The Ministry of Culture, Sports and Tourism selected BTS as a recipient for a 'Letter of Appreciation', for showing the world the beauty of Korean traditional culture (Hangul, Hanbok, Gugak) through creative re-interpretations in their music. In December 2019, according to the annual survey conducted by Gallup Korea, BTS were the most preferred artists of 2019 for a second consecutive year. According to the "2019 South Korean National Image" survey conducted by the Ministry of Culture, Sports and Tourism and its affiliate the Korean Culture and Information Service among 16 countries, BTS were chosen #2 with 5.5% votes. Despite cultural medals traditionally being given to recipients with more than 15 years of notable achievements, BTS became the youngest ever recipients honored with the Order of Cultural Merit by the President of South Korea in 2018 after five years after debuting, due to their noteworthy contributions in spreading Korean culture and language.
BTS have measurably revitalized the Korean economy and the global music industry. Credited for the surge in popularity of online purchases of K-pop items and the growth of the Korean Wave between 2016 and 2018 by the Korea Customs Service and Korea Foundation, BTS were cited as one of the main driving forces for the recovery of South Korea's music-related sector to levels seen before China's 2016 ban on domestic cultural contents over soured diplomatic relations. Yung Duk Kim, vice president and chief operating officer of the Korea Creative Content Agency, stated K-pop has "skyrocketed" since BTS' popularity surged, creating jobs not only for BTS and their team but other K-pop idols as well. Various news outlets coined the term the "BTS effect" to refer to the commercial effects of BTS' influence, such as when KB Kookmin Bank savings accounts increased six-fold compared to the prior year following BTS' endorsement and when stock prices of entertainment companies in South Korea shot up for five days after BTS topped the U.S. Billboard 200. The effect was also observed when companies tied to BTS, such as Netmarble, NetMark, Soribada, Key Shares, GMP, Diffie, and Mattel had their stocks rise.In October 2019, Mattel's international gross sales rose 10% to $721.7 million, lifted by sales of dolls based on BTS. Data firm SM2 Networks estimated Hyundai Motor received ₩600 billion ($502 million) in promotional results after commissioning BTS as their promotional models in 2018. The Bank of Korea Economic Statistics System stated that South Korea's BOP for music and entertainment reached $114.7 million in the first quarter of 2019, attributing this to an improved relationship between China and South Korea, and the breakout global success of BTS, particularly in North America.
Signed on as tourism ambassadors in 2017, the Seoul Metropolitan Government credits BTS for the recovery of Seoul's shrinking tourism industry following the 2016 THAAD controversy, bringing in an average of 790,000 tourists to Korea annually. In December 2018, the Hyundai Research Institute estimated that BTS were worth more than $3.67 billion to the Korean economy each year, attracting one in every thirteen foreigners who visited Korea. BTS' two day fan-meetings held in Seoul and Busan in June 2019 generated a total economic effect of ₩481 billion ($408 million) to both cities, accounting for 1.6% of Busan's 2018 GDP, and 0.9% of Seoul's 2018 GDP. Their three-day concert finale in Seoul for their Love Yourself World Tour in October 2019 was estimated to have an economic value of almost ₩1 trillion ($862 million) and brought in 187,000 foreign visitors to South Korea. As of June 2019, BTS' economic effect on South Korea is estimated to be over ₩5.5 trillion ($4.65 billion) per year, about 0.3% of South Korea's GDP. This is comparable to Korean Air, the flagship airline of South Korea, who's percent contribution to South Korea's GDP is 0.7%. The 2019 annual ticket sales data released by the Korean online ticketing site, Interpark revealed that BTS' world tour "Love Yourself: Speak Yourself" concert at the Seoul Olympic Stadium ranked No.1, with BTS topping the ticket sales for the second consecutive year on Interpark. Outside of South Korea, BTS' concerts at Wembley Stadium were estimated to have brought around ₩100 billion ($82 million) as a direct economic effect to the city of London. After BTS went to Malta for their show, 'Bon Voyage 3', the Malta Tourism Authority reported a 237% increase of Korean tourists visiting the country, crediting BTS as the reason for the increase. Along with Ariana Grande and Drake, BTS were credited as a key act boosting global music sales to $19 billion in 2018. Such profit had not been seen since 2006 after digital purchases gained momentum.
BTS' work has influenced numerous artists, including (G)I-dle, D-Crunch's Hyunho, The Boyz' Younghoon and Hwall, SF9's Zuho, Euna Kim, Golden Child's Jaehyun, Wanna One, IN2IT, Park Ji Hoon, Kim Dong Han, Seven O'Clock, Hyeongseop X Euiwoong, Noir, Victon's Sejun and Byungchan, and Loona. After BTS released their single "Idol," the National Gugak Center had to expand the amount of Korean instrument sounds available due to increased demand from Korean and foreign producers alike. K-pop idol groups also began changing the themes of their lyrics from love stories to words such as "looking for myself" following BTS' "Love Yourself" era and RM's speech at the United Nations.