The Korean entertainment giant that runs BTS saw its shares plummet 25% after the boy band said it was on hiatus

  • Hybe the stock fell 25% in South Korea Wednesday after BTS says he’s on a break.
  • Hybe reportedly took issue with the term “break” and said the seven-member group would focus on solo projects.

Shares of the Korean company behind megapopular boy band BTS sank on Wednesday as the seven members plan to take a group break to work on solo projects.

Shares of Hybe fell 25% in South Korean trading to 145,000 won ($112.27), wiping out $1.5 billion in market capitalization at the end of the session. The stock had fallen 28%, threatening to knock down as much as $1.7 billion in market capitalization.

The K-pop group, whose international hits include “Dynamite” and “Butter,” announced the hiatus on Tuesday at their FESTA dinner party, which they host as part of an annual celebration of their 2013 debut. Last week, BTS released “ Proof”, a three-disc anthology album.

Dinner on their BANGTANTV channel on YouTube has racked up nearly 13 million views since Tuesday. The word “hiatus” was used in the English subtitles appearing on the video.

But Hybe said on Tuesday that the group – made up of members Jin, Suga, J-Hope, RM, Jimin, V and Jungkook – takes issue with the term.

“BTS isn’t taking a break. The members will be focusing more on solo projects right now,” Hybe said, AP reported.

The group over dinner said it wasn’t about disbanding, but rather taking time to work on other creative projects.

“I always thought 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,” the leader said. of BTS, Namjoon, or RM, during dinner. “We must continue to produce music and keep doing something.”

BTS went on hiatus in 2019 and 2021, NBC News reported.

Elizabeth J. Harless