Korean boy band – The highly influential K-pop group BTS announced on Tuesday that it would take a break. Exhausted, the seven artists now want to focus on their own careers.
Already down nearly 60% since the beginning of the year, the stock of their label has unscrewed.
The announcement affected fans, but also investors. The stock price of the BTS label tumbled on Wednesday in the first exchanges in Seoul after the flagship group of K-pop announced the night before to take a break.
As reported by AFP, a few hours after the announcement of their decision, HYBE’s stock lost up to 27% in session.
Already down nearly 60% since the beginning of the year, the stock was heading for its weakest close since it debuted on the markets in October 2020, reducing its market value by $1.6 billion, according to Bloomberg News.
The seven artists who generate billions of dollars for the South Korean economy, unveiled this explosive announcement at a dinner broadcast online to celebrate the group’s anniversary.
The boy band explained its separation by the pressures of fame and success and a desire to focus on solo careers.
Korean boy band
Joe Biden received them at the White House
The BTS label had however experienced an increase in its profits despite the Covid-19 pandemic and the cancellation of concerts, thanks in particular to online events.
The band was the first all-South Korean band to dominate the Billboard Singles chart in the United States, thanks to Dynamite, their first song performed entirely in English.
They are also one of the few bands since The Beatles to have released four albums that have ranked number one in the United States in less than two years.
Building on their success, south Korean artists were invited on May 31 by President Biden to the White House to denounce racism against Asian people in the United States.
BTS, which released an anthology album (Proof) on Monday, had already announced breaks in 2019 and 2021.
BTS label plunges into the stock market after the announcement of a break of the Korean boy band
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