Korean boy band BTS is reportedly not going on a hiatus. The famous group comprises seven band members, RM, Suga, Jin, Jimin, J-Hope, V, and Jung kook. Since coming into the music scene almost a decade ago, the group has gone on to win several awards and accomplish monumental feats.
The group recently met up for their annual FESTA dinner party and then released a video which, according to reports, said that they were going on a break. The news of their hiatus, which circulated on Tuesday, caused the group’s management HYBE to experience around a 27.5% drop in their shares.
A Rep for the boys recently disclosed that the group was, in fact, not taking a break, and the term “hiatus” was misinterpreted. They would instead focus on their solo projects while working together as a group in various ways, including on their web series “Run BTS.”
BTS Is Not Going On A Hiatus
Contrary to the news circulated earlier, Korean pop group BTS is not going on hiatus, at least not anytime soon. Earlier it was reported that the group would be taking some time off to pursue that various solo projects.
In the video released, the English subtitle translated their statements, stating that the boy band was going on hiatus. However, according to recent news released by their management, HYBE, the band isn’t breaking up, and the hiatus phrase was just a mistranslation.
The music company reportedly lost around $1.7 billion in market value during stock trading after the news of BTS taking a break circulated. As per
, the group’s representative said, “To be clear, they are not on a hiatus but will take time to explore some cell projects at this time and remain active in various different formats.” They will work on their solo projects but won’t stop collaborating as a team.
Jung Kook Clarified The Hiatus Situation
The news of the hiatus was understandably shocking to fans especially when it seemed like it would last for an unspecified amount of time. Aside from HYBE, a member of the group, Jungkook, took some time aside to clarify the situation to their fans.
The Korean pop star went on V LIVE, a South Korean live streaming app on Wednesday to clearly state that the group was not taking a break. In the live stream video, Jungkook was seen sitting alone in a kitchen and revealed that he wanted to clarify the misunderstanding surrounding the video they released after their FESTA dinner party.
A rep revealed that he said they were still going to actively work as a group while focusing on their various solo projects. Their web series, “Run BTS,” would also continue. He also mentioned that while they worked on their various projects, they would also be preparing to present something new to ARMY.
HYBE’s Shares Fell By 27.5%
Following the news of BTS’s hiatus on Tuesday, HYBE’s shares plummeted by 27.5% on Wednesday. The boy band is the company’s cornerstone act, so the loss is understandable. As of Tuesday, the music company’s shares closed at KRW 193,000 and opened at KRW 168,000 on Wednesday.
An hour into trading, the company fell as far as KRW 140,000, which took off around $1.7 billion of market capitalization before it rebounded to KRW 145,500. The trading volume of Wednesday was evidence enough that the day wasn’t usual; around 4.2 million HYBE shares were traded almost 20 times over the daily trading average.
According to HYBE’s fourth-quarter 2021 investor presentation, in 2021, BTS accounted for around 27% of the company’s album sales and streams in the US. In the world’s second-biggest music market, Japan, they accounted for half of the company’s album sales. The group was likely responsible for all the company’s touring income. In 2021 money amounted to 45.6 billion KRW ($36 million) and 191.1 billion ($148 million) in 2019.
BTS Will Still Focus On Solo Projects
BTS released a video this week, which was mostly in Korean. There the group announced that they were about to embark on the next stage of their careers and would be going on what was interpreted as a “temporary hiatus.” However, they reassured their fans that they would “return someday.”
In the video released, RM revealed that they wanted to work on their own so they could grow and mature as individuals. He said, “I always thought that BTS was different from other groups, but the problem with K-pop and the whole idol system is that they don’t give you time to mature. You have to keep producing music and keep doing something. ”
Jimin continued, disclosing that the group was concerned about their fans and wanted to be the kind of entertainers that would be remembered. “We can’t help but think of our fans no matter what, we want to be the kind of artist that can be remembered by our fans,” he said. “I think now we’re starting to think about what kind of artists we want to be remembered by our fans.”