Popular Korean pop group BTS announced news it was taking a break Monday, a move that came as a bit of a surprise and will likely have some fans saying “Life Goes On,” like the band’s hit song.
What Happened: K-pop band BTS saw its managing agency Hybe Co. go public in 2020 and the company could now face a setback. BTS announced Monday its members were reporting for military service in South Korea.
“The members of BTS are currently moving forward with plans to fulfill their military service. Group member Jin will initiate the process as soon as his schedule for his solo release is concluded at the end of October,” Bighit Music said, as reported by Variety.
Other members of the group will also follow a plan to complete mandatory military service for the country.
The band will be inactive for several years due to the commitment.
“Both the company and the members of BTS are looking forward to reconvening as a group again around 2025 following their service commitment,” Bighit Music said.
Related Link: BTS Managing Agency Hybe's Stock Slumps Below IPO Price For First Time
Why It’s Important: The move to complete military service follows several solo projects from the band and will now leave fans waiting until 2025 for the band to get back together.
Walt Disney Co DIS announced a collaboration to globally distribute titles from BTS. The band has also partnered with McDonald’s Corp MCD and other brands to help bring international audiences to companies.
“'Yet to Come (The Most Beautiful Moment)' is more than a track from their latest album, it is a promise, there’s much more yet to come in the years ahead from BTS,” Bighit said.
As Variety reports, the requirement for all males under 30 years old to complete military service has been a bit controversial with athletes and classical musicians able to be excused for exceptional service to the country. Pop artists have not typically been excused.
K-pop music has surged in popularity around the world thanks in big part to BTS hitting the big time. A K-pop-themed ETF was recently launched called the Exchange Traded Concepts Trust KPOP and Korean Entertainment ETF KPOP. Hybe Co. is the fifth largest holding in the ETF at 9% of assets.
Photo: Silvia Elizabeth Pangaro via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
