BTS Military Services will Make Billions of Losses in K-Pop

Fans of K-pop band BTS were heartbroken on Monday when it was announced that members of the group would be serving in the South Korean military. That means no new tours or music for several years.

SOUTH KOREA FACES BILLIONS IN LOSSES IF K-POP SUPERSTAR BTS IS FORCE INTO MILITARY SERVICE

However, the conscription of seven members, which Seoul has allowing to be postpone to 2020, could come with economic costs as well. Since releasing their first album nine years ago, the boy band with members Jungkook, V, jin ,suga ,jhope,jimin and RMthat was nominated for a Grammy has proven its worth as an economic powerhouse. I’ve been A win for the entertainment industry.

BTS AND HYUNDAI

The Hyundai Institute reported in 2018 that BTS made an annual economic contribution to South Korea of more than $3.6 billion.  Moreover, This is the equivalent of 26 medium-sized businesses contributing.

Hyundai researchers also found that the boy band lured one of her 13 tourists to South Korea in 2017, and that he earned an estimated 1.1 billion dollars a year from exports of consumer goods such as merchandise and cosmetics. He said he made a dollar. Analysts predicted that BTS contributed $29.1 trillion to the South Korean economy between 2014 and 2023. The band’s commercial success was also in the pockets of its members. According to Forbes, BTS had a combined net worth of $50 million as of 2020.

BTS AND THE MARKET

The group has not only brought wealth to South Korea. But it has also demonstrated its ability to rock the country’s financial markets. BTS’s suspension announcement in June sent shares of management company HYBE to its lowest level since the company’s IPO two years ago, losing a quarter of its value.

HYBE shares fell 2.5% on news of the band’s military draft on Monday. Furthermore, The band, which became the first K-pop group to reach No. 1 on the Billboard 200, says in a statement released Monday by label Big Hit Music that its members were “honor to serve the country. ‘ Similarly,  said they would come again as a group. Combined, “around 2025”.

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