Shortly after BTS’s announcement went viral, the stock price of their record label Hybe plummeted to $112, down nearly 34%.
This reduced the company’s market capitalization by $1.7 billion. Moreover, experts believe that such uncertainty about BTS’s future concerts will cut the label’s revenue by a quarter.
Naturally, all these events prompted the members of the group to issue an official statement. The musicians stressed that fans and journalists misinterpreted their words.
“Our statement was simply mistranslated,” the celebrities emphasize. However, TMZ journalists insist that it is not a misunderstanding at all.
According to reporters, the record label convinced the artists to continue their concert and touring activities so as not to lose their revenue.
At the same time, musicians will still have the opportunity and time to work on their own projects.
In a previous post, “Obviously, they are not on break, but it will take time to find some solo projects and be active in a variety of different formats,” the statement said.
BTS launched in June 2013 and became a worldwide sensation with its inspiring achievements and social campaigns for youth empowerment. The group released their new album “Proof” on Friday.
Last year, BTS became the first Asian band to win the Best Artist of the Year at the American Music Awards. The group met with US President Joe Biden at the White House in May to discuss hate crimes targeting Asians.