How the end of K-Pop group BTS affects the economy

The flags of K-Pop (Korean pop) have been flying at half-mast since its most emblematic band, BTS, announced a temporary split. And not only that: Their breakup even had tremendous economic consequences.

After nine years of uninterrupted success, the seven members of the band (Jin, Suga, J-Hope, RM, Jimin, V and Jungkook) want to focus on their solo projects. It's a classic scenario in the history of every band.

"Let's take a break," Suga confirmed in a YouTube live where they celebrated BTS Festa, the annual event they have with their fans (known as the BTS Army).

The problem with these temporary separations, as seen with One Direction, The Wanted, and many others, is that on many occasions they end up being permanent.

As reported by AFP, the shares of HYBE, the large communication company that manages BTS and other big bands, immediately dropped on the stock market, losing 27%.

A drop that sharpens the downward trend of HYBE, which has lost 60% of its value on the Stock Market so far in 2022.

The impact of this temporary separation has been such that, in addition to the hundreds of thousands of tweets expressing sadness about it, there have also been serious economic repercussions.

Forbes calculates that K-Pop generates around 12 billion dollars for South Korea's economy, 4 billion of them coming from BTS alone. These are absolutely stratospheric figures that make the breakup of the pop band newsworthy.

RM was the most direct among the band members when it came to explaining the reasons for the split. He pointed out that the group needed to rest, as its members were exhausted from the tremendous pace of production.

"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." he said.

In their most sincere BTS Festa ever, sitting at a table, the boys of BTS honestly recounted how they sometimes felt they lost their own identity during these successful nine years.

It's their individual personalities that they want to explore in their solo careers. The young men want to develop their personal styles; to be themselves again and not one-seventh of BTS.

"I hope you understand," Jungkook added. "We will spend some time on our own, enjoying and experiencing new things, to return in front of you with a more mature face. That’s why I hope you support us."

For his part, J-Hope said: "I think it is necessary to separate us a little. I hope you don’t think about this in a negative way and that you know this is a healthy plan. We are not going to leave the group."

Everything indicates that group member Jin will make the leap to K-Drama (Korean series and films) as he studied acting. The others may do something different from music as well.

Something that will definitely change is that the seven members of BTS will stop sharing their house (from which they recorded the BTS Festa) and start living on their own. To be a K-pop star meant that they assumed life in the form of a commune.

Big Hit Music, the company that launched them to stardom, has already announced that BTS will remain active, though under "different formats." Which formats exactly they are talking about remains to be seen.

At the moment, 'Proof,' BTS' latest release, is a good example of what these "different formats" can be. It is an anthology of 48 tracks that comes in three albums and covers BTS' career plus three new singles.

One of their last activities as a band was a meeting with Joe Biden at the White House.

The boyband wanted to address the problem of hate crimes against the Asian community in the United States and raise their voices in favor of diversity.

Whatever happens to BTS from now on, they are undeniably part of music history. In addition, as Forbes wrote in a title, they are "one of the engines of the Korean economy" as the flagship group of K-pop.