“For the sake of Korea’s music industry…”
It isn’t farfetched to say that BTS has brought K-Pop to the world’s mainstream.
The group started from humble beginnings and has now reached the pinnacle of Pop music globally.
BTS’s success meant much more than just the success of an idol group. K-Pop, and Korea as a nation have reaped many benefits from the group’s climb to the top.
An article on NPR‘s website estimated BTS’s value to the South Korean economy to be worth north of $5 Billion.
To put that into perspective, that is worth 0.3% of Korea’s $1.61 Trillion GDP.
2018 chart showing BTS’s impact on South Korea’s economy | Statista
But more importantly, BTS’s success has highlighted the many other talented K-Pop acts the industry has to offer.
With many K-Pop fans being first introduced to the genre by BTS, it isn’t hard to see how they paved the way for the next generation of K-Pop to be the most successful.
Therefore it was a shock to the whole industry when the members announced they would focus more on solo projects during the group’s 2022 FESTA Dinner.
HYBE dispelled rumors of a “hiatus,” but the K-Pop industry is having difficulty reckoning with the uncertainty.
Fans are not the only ones afraid of what a BTS “hiatus” might mean for the K-Pop industry.
On June 22, TV Daily reported that Chairman Lee Jayeon of Korea’s Singer Association released a statement asking BTS to reconsider its “hiatus” from group promotions.
The Chairman wrote that she was afraid K-Pop’s momentum might halt if BTS’s group promotions did not continue.
I am afraid that the greatest cultural soft power the world has ever known will disappear…
— Chairman Lee Jayeon
Chairman Lee Jayeon noted how special BTS is and that it would be hard for any group to replicate their success.
As difficult as it was for there to be ‘The Next Beatles,’ it is difficult to anticipate ‘The Next BTS,’ and thus, I am afraid that the Hanlyu Wave will cease. Although I know it was a difficult decision to make, I would like to ask that you reconsider the decision for the sake of Korea’s music industry.
— Chairman Lee Jayeon
The Chairman then asked for the government to consider absolving the group of its military obligations so the group could continue promoting.
If BTS disappears, so will ARMY. The government needs to facilitate the continued prosperity of the Hallyu Wave by considering absolving their military obligations.
— Chairman Lee Jayeon
Meanwhile, BTS’s leader RM had previously clarified the group’s stance and stated the group never mentioned or intended to hint at any sort of prolonged “hiatus.” HYBE’s CEO Park Jiwon has also publicly stated that the group is merely focusing on solo projects.
BTS is not even considering disbanding the team at all, and there is nothing going on regarding any process of disbanding the group.
— Park Jiwon