BTS: why the South Korean pop sensation is taking such an important break

On June 14, South Korean pop sensation BTS dropped a bombshell.

After their nine-year run as the most successful K-Pop group, BTS announced on Tuesday that the group will be taking a “hiatus” to focus on their individual careers with a range of solo projects.

The band, which has sold over 32 million albums, is a worldwide phenomenon.

BTS announced it at BTS’s Festa dinner, where the septu group detailed plans for solo projects and told fans that they “need some time to take an extended break.”

The group had seven members – RM, Jin, Suga, J-Hope, Jimin, V, and Jungkook.

In the hour-long Festa video, the members reflected on their successful journey together before discussing plans for their solo projects.

RM stated that although they have achieved tremendous feats as a group, “the members have yet to develop and mature as individuals and artists.”

The group debuted in 2013 with their single “2 Cool 4 Skool” and released their first Korean-language studio album, Dark & ​​Wild, in 2014. The group’s second Korean studio album, Wings, was the first to sell one million copies in South Korea. In 2017, BTS entered the global music market, breaking many sales records.

In 2018, BTS released an eight-episode documentary on YouTube Premium based on behind-the-scenes footage from their Wings tour. They then released a theatrical version of their documentary titled Burn the Stage: The Movie in theaters, which reportedly grossed nearly $14 million in worldwide ticket sales in its opening weekend alone.

BTS, the slot machine

According Forbes, the group was worth $50 million in 2020 and is the 47th highest-paid celebrity in the world. Some reports claim he is worth over $100 million now. In 2019, before the Covid-19 pandemic interrupted their tours, the K-Pop group had grossed $170 million on the road, more than any American group except Metallica.

Along with their music, merchandise and tour earnings, BTS members had received 68,385 shares when Hybe Co, the agency that manages the group, went public.

According to the Korea Times, BTS has earned up to around $4.5 million for each approved Korean brand, and those fees have increased further when it comes to global endorsements.

The Bangtan Boys have served as brand ambassadors for Samsonite, Seoul Tourism, Louis Vuitton, Formula E, Puma, FILA, Coway, LG, Hyundai and Samsung, among others. The group was so influential that it would bring about $3.6 billion to the South Korean economy.

BTS has also released products with Baskin Robbins, New Era, Sidiz, LeSportsac, Sketchers, Mattel, Casetify, Tamagotchi, VT Cosmetics, and Jamie Wander. Cosmopolitan said their BTS Meal promotion at McDonald’s earned them over $8.5 million.

J-Hope is worth between $24-26 million, the highest-earning member among the seven, followed by Suga with $23-25 ​​million.

Jin reportedly spent $1.7 million in cash on his apartment. According to a Business Insider report, j-Hope spent $1.6 million, Jungkook $1.74 million, and Suga $3 million on their apartments.

Jin, who has a net worth of $20 million, earns extra money through his producing and writing credits on some of BTS’s albums in addition to their music releases and tours. He also ventured into the food industry, opening a Japanese-style restaurant in South Korea with his brother. The leader of the group, RM, earns a lot of money for his talent in songwriting.

Meanwhile, shares of Hybe Co plunged by a record high after the group’s hiatus was announced.

Hybe sank as much as 28% in Seoul on Wednesday, heading for its lowest-ever close since its October 2020 stock market debut and wiping out as much as $1.7 billion in market value.

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