Hybe Co. agency, which manages pop group BTS, lost $1.7 billion today (ca Focus more on solo careers for a while.
With the news, the company’s shares plunged 28% during the trading session, hitting their lowest levels since its IPO in October 2020, according to data from agency Bloomberg.
Despite the biggest drop of the day, shares of the agency ended the trading session down 25% after the company released a statement saying the South Korean group will “remain active as a team”.
BTS announced the band members’ individual works in a video posted on YouTube, which has already garnered more than 10 million views. In the video, the singers say that “time apart will be healthy for the group” and asked fans not to take the moment as something negative.
“I felt like I needed time to be alone,” said RM, the group’s leader. “It’s not like we’re breaking up,” added another member of the band, known as Suga.
Military service is a cause for concern
Such is the phenomenon of the band BTS in the world that the government of South Korea fears that the demise of the group would mean a “cultural loss to humanity” if its members had to stop working to report for military service .mandatory .
The band’s oldest member, 29yearold Jin, must apply for military service before the end of this year unless a relevant law is changed to allow for an exception.