The fallout from BTS’s announcement on Tuesday that the Okay-pop juggernaut could be taking a break as members discover solo careers was quick and drastic.
In only a day, the inventory value of the group’s administration label, HYBE, plummeted 28 p.c to 139,000 gained — or $108 — its lowest value because the firm went public practically two years in the past, shedding $1.7 billion in market worth. The inventory value has barely moved since.
The drastic plunge underscores how South Korea’s best-selling boy band has turn out to be not solely a cultural sensation but in addition a strong stakeholder in South Korea’s financial system.
Since the group’s debut in 2013, BTS has raked in billions of {dollars} via album gross sales, live performance tickets and social media. Its YouTube channel alone, which is the twentieth largest on this planet, can generate as much as $2 million a month. By 2020, the group was contributing $3.5 billion yearly to the nation’s financial system, in accordance with the Hyundai Research Institute.
Even through the pandemic, which devastated the reside live performance business, BTS drove a 58 p.c enhance in HYBE’s income, in accordance with the corporate’s year-end studies for 2021. The label raked in a 1.3 trillion gained final 12 months, practically a billion U.S. {dollars}.
The group’s monetary contribution to South Korea’s financial system had solely been anticipated to develop as pandemic restrictions eased, in accordance with the Korea Culture and Tourism Institute, which predicted {that a} single BTS live performance may generate upward of $500 million or extra.
News of the group’s deliberate hiatus convulsed the web as soon as the group posted its video announcement, which drew over 16 million views in two days. The group’s followers, who name themselves Army, swarmed social media in expressing assist — and anguished misery — over the information.
“Thank you BTS for being our home, for your beautiful music that enlightens our life, for your love & happiness to us,” one Twitter person posted. “We’ll support you. We’re always here for you. We’ll wait for you. ARMY FOREVER. We love you.”
Fans had been notably confused by the time period “hiatus,” which was used within the English translations within the authentic video. Reports in South Korean media retailers had been fast to hyperlink the announcement to the truth that Jin, the oldest member of the group, would want to enlist for obligatory army service by the top of this 12 months.
Speculation in regards to the group’s potential disbandment led to a fast backpedaling of statements by the label and the group members themselves.
News organizations reported the group was not taking a hiatus, however that group members had been pivoting to focus extra on their particular person careers. The group will “remain active in various different formats,” in accordance with the assertion.
RM, the group’s chief, posted on the social media web site Weverse on Thursday, saying that many individuals had despatched him messages assuming the group was breaking apart.
“Although it’s not like I didn’t anticipate this or was oblivious that this could happen, I still feel bitter,” he mentioned, explaining that his intentions had been to speak overtly with followers on the group’s reflections of the previous decade and to not announce that the group was disbanding.
Jungkook, the youngest BTS member, additionally tried to make clear issues in a reside video stream on Thursday. “We don’t have any thoughts of breaking up,” he mentioned, including that BTS nonetheless had plans to carry out sooner or later.
In Tuesday’s announcement video, members gathered round a desk and spoke candidly in regards to the intense pressures they face to continually churn out music and ship, in the end resulting in their resolution to quickly pursue solo careers.
“I felt like I was trapped and couldn’t get out,” mentioned Namjoon, who defined that he felt the years of regularly being within the highlight as a Okay-pop idol didn’t depart him a lot room for private progress.