HomeWorldBTS Reflects On Their Future And South Korea's Economy Takes Cautious Note

BTS Reflects On Their Future And South Korea’s Economy Takes Cautious Note

The fallout from BTS’s announcement on Tuesday that the K-pop giant would be taking a break while the members explored solo careers was immediate and drastic.

In just one day, the share price of the group’s management label HYBE plummeted 28 percent to 139,000 won, or $108, its lowest price since the company went public nearly two years ago. losing $1.7 billion in market value. The share price has hardly moved since then.

The drastic drop underscores how South Korea’s best-selling boy band has become not only a cultural sensation but also a powerful player in the South Korean economy.

Since the group’s debut in 2013, BTS has raised billions of dollars through album sales, concert tickets and social media. His YouTube channel alone, which is the 20th largest in the world, can generate up to $2 million one month. By 2020, the group was contributing $3.5 billion annually to the nation’s economy, according to the Hyundai Research Institute.

Even during the pandemic, which has devastated the live concert industry, BTS fueled a 58 percent increase in revenue for HYBE, according to the company’s year-end reports for 2021. The label earned a 1.3 trillion won last year, nearly a billion US dollars.

The group’s financial contribution to the South Korean economy was expected to rise as pandemic restrictions are eased, according to the report. Korea Culture and Tourism Institutewhich predicted that a single BTS concert could generate more than $500 million or more.

News of the group’s planned hiatus shook the internet once the group posted their video announcement, which drew more than 16 million views in two days. Fans of the group, who call themselves Army, flooded social media to express their support — and their distraught heartbreak — over the news.

“Thank you BTS for being our home, for your beautiful music that lights up our lives, for your love and happiness towards us,” a Twitter user. aware. “We support you. We are always here for you. We will wait for you. ARMY FOREVER. We love you.”

Fans were particularly confused by the term “pause”, which was used in the English translations in the original video. Reports in the South Korean media were quick to link the announcement to the fact that Jin, the oldest member of the group, would have to enlist for mandatory military service later this year.

Speculation about the group’s possible disbandment led to a rapid backlash in statements from the label and from the group members themselves.

news organizations reported the group was not taking a hiatus, but the group members were touring to focus more on their individual careers. The group will “remain active in a number of different formats,” according to the statement.

RM, the leader of the group, posted on the social media site Weverse on Thursday, saying many people had messaged him assuming the group was breaking up.

“Although it’s not like I didn’t anticipate this or know this could happen, I still feel bitter,” he said, explaining that his intentions were to openly communicate with fans about the group’s reflections of the past decade and not announce that the group would be leaving. was dissolving.

Jungkook, the youngest member of BTS, also tried to clear things up in a live video streaming Thursday. “We don’t have any thoughts of disbanding,” he said, adding that BTS still had plans to perform in the future.

In Tuesday’s announcement videoThe members gathered around a table and spoke candidly about the intense pressures they face to consistently produce and deliver music, ultimately leading to the decision to temporarily pursue solo careers.

“I felt like I was trapped and couldn’t get out,” said Namjoon, who explained that he felt the years of constantly being in the spotlight as a K-pop idol didn’t leave him much room for personal growth.

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