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- BTS’s recording label introduced all 7 members will enlist in South Korea’s navy for necessary service.
- Whereas the group is on hiatus till 2025, South Korean might lose billions from tourism and client items.
- The label mentioned the members will full their navy service whereas pursuing “solo endeavors.”
South Korea is projected to lose billions when the members of Ok-pop group BTS enlist within the South Korean navy for necessary service.
BTS contributes over $3.6 billion to South Korea’s financial system annually, in line with a 2018 report by the Hyundai Analysis Institute, as first reported by The Korea Herald. That is the identical as 26 midsize firms, researchers mentioned.
In 2017, one out of each 13 vacationers who got here to South Korea was due to BTS, and in 2018, 7% of international guests, or about 800,000 vacationers, got here due to the group, in line with the analysis institute. In 2017, its estimated $1.1 billion of client items exported from South Korea have been associated to BTS, like garments and cosmetics, Yonhap Information Company reported.
The researchers estimated that if BTS retains its reputation, the group might generate virtually 42 trillion received, or $29.2 billion, between 2014 and 2023.
All seven members of the band will likely be on hiatus till 2025 to meet their navy service and pursue “solo endeavors,” BigHit Music, the group’s label, mentioned.
In June, the group introduced it will be taking a hiatus from being a band and as a substitute pursue solo tasks. However then representatives for the group advised TMZ that the announcement had a translation error.
Representatives for BTS shared a press release with TMZ saying, “To be clear, they aren’t on hiatus however will take time to discover some solo tasks right now and stay energetic in varied totally different codecs.”
After the group’s break announcement, shares of HYBE, its administration firm, misplaced 1 / 4 of its worth, Fortune reported. The corporate’s inventory fell to its lowest level within the two years because it went public. After BTS introduced they’d be doing their navy service, HYBE’s shares dropped 2.5%.
All able-bodied males in South Korea between ages 18 and 28 are required to serve for 2 years within the navy. Nevertheless, the nation revised its Navy Service Act to permit BTS to postpone navy service till age 30. Beforehand, exemptions and deferrals for serving within the navy have been solely allowed for high-profile athletes or classical musicians.
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