Seoul, Jun 15 (EFE).- Shares of Hybe, the agency that manages K-Pop band BTS, plummeted at the Korea Stock Exchange on Wednesday, after the band announced that it was going on a hiatus.
At 11am, an hour after start of trading, Hybe shares were down 22.02 percent from Tuesday’s closing value to 150,500 won ($116.49).
Hybe, which was first established by Bang Si-hyuk as Big Hit Entertainment Co. Ltd, opened down 22.8 percent, slumping further as the session progressed to reach 27.27 percent, with its shares touching their lowest ever value of 140,000 won per share, before rebounding slightly.
On Tuesday night, BTS members posted a video on YouTube in which they announced that they would be taking a break as a band to focus on their solo careers.
The band members said that they were exhausted and needed to mature as individuals.
This period may also allow the seven members – RM, Jimin, Jin, V, Suga, J-Hope and Jungkook – to fulfill their military service of between 18 and 21 months that is mandatory for all able-bodied South Korean males between the ages of 18-28 years.
When Hybe went public in October 2020, many analysts expressed doubts about a company whose turnover depended largely – over 90 percent – on one of the few bands that it represented then, BTS.
However, Hybe has greatly diversified in the last two years, acquiring new labels and managing several other bands, including the recently launched girl group Le Sserafim.
It also launched a global audition for a new boy band last week. EFE