Announcement of BTS Band Break Causes MAJOR Economic Plummet for Hybe: This Is What We Know
Members of the pop band sensation BTS recently announced that they would be splitting up, and this news came at a cost.
BTS is a mega-sensation. They are the biggest boy band in the world. However, due to military laws in Korea, the band members must soon be ready to join the Korean military service for a time. In anticipation of this, they announced earlier this week that the various members would be going their own ways. They have intentions to reunite as a band later down the road, but for now they will each be pursuing their own personal artistic endeavours.
This news did not come free.
In light of this announcement, the band's agency, Hybe, lost $1.7 billion dollars in market value. On Wednesday alone, according to an article on Bloomberg:
"Hybe sank as much as 28%." They went on to record that, "The stock pared the loss to finish 25% lower, after the agency said the group will, 'remain active as a team.' Shares are down nearly 60% this year, significantly under performing the broader equity benchmark."
Aside from this major economic downturn, many have feared that the break-up of the band would mark a major cultural downturn as well.
"A government minister fretted that it would cause a, 'cultural loss for mankind' if the band had to suspend its work to enlist."
However, the band members assert that the break will be a good thing for them. RM, the leader of BTS shared, "I felt like I needed time to spend on my own."
While the band assures the world that they will be back, we will continue to keep you up to date on major shifts that occur in this time they spend apart.
