The Future. While BTS isn’t breaking up (so, take a breath, Internet), the band’s surprise hiatus is sending ripples throughout the South Korean economy — tanking their management company’s stock price and potentially leaving hundreds of millions of dollars on the table. Considering the impact of BTS’ decision, it may be time for the global economy to give entertainment the respect it deserves as a bonafide economic driver.
You know you’re a superstar group when a hiatus can shake the very financial foundation of the company that manages you, reports NYT.
- The news sent the stock of HYBE, BTS’ management firm, crashing by 28% — its lowest trading price since the company went public almost two years ago.
- That dropped HYBE’s market value by $1.7 billion.
- BTS was responsible for 58% of HYBE’s revenue last year.
Even more surprising is the impact that BTS’ hiatus will have on South Korea’s entire economy. In 2020, the Hyundai Research Institute found that BTS was contributing an annual $3.5 billion to the country’s economy. With BTS’ popularity only growing since then, that number is probably much higher. And with concerts starting to come back, the live events industry will also take a hit. The Korea Culture and Tourism Institute estimates that just one BTS concert brings in over $500 million in revenue.
But hey, who can blame BTS for wanting to take a break? Despite all being under 30, they’ve been touring non-stop for the past ten years, with their last world tour becoming the highest-grossing tour by a non-English language act.