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On October 17, 2022, HYBE announced that BTS members would officially enlist in the military, starting with the group's oldest member Jin, who will leave to join the service by the end of October. The rest of the members will follow as per their personal schedules.
The announcement shook not only the septet's fandom but also the share market as HYBE's stocks fell by 2.5 percent. With this, it is predicted that BTS' military enlistment will result in significant financial loss for the country.
BTS ARMY slammed the South Korean government for its ill-planning and poor decision-making. One fan said:
"It's a pity you couldn't protect the treasure."
BTS are worth more than $ 3.6 billion to the South Korean economy
According to extensive research by the Hyundai Research Institute in 2018, the superstar boyband is worth more than $ 3.6 billion to the South Korean economy. The report also concluded that BTS helped boost tourism in the country and generated an estimated $1.1 billion from selling consumer goods and official merchandise.
The members have a collective net worth of $50 million, according to Forbes, and now, as per new information revealed by expert analysts and economists, BTS will bring a predicted $29.1 trillion to South Korea's economy by 2023.
With the news of BTS' military enlistment, South Korea's economy will face turmoil until the group's reunion in 2025. Fans have taken to social media to react to the impact the enlistment decision will have on South Korea's economy.
Previously, HYBE's stocks fell when Bangtan announced they would take a break from group activities to pursue their solo endeavors.
On October 17, 2022, HYBE announced Jin and other members had withdrawn their request to delay their military service. It further stated that Jin would enlist after completing his pending work by the end of October. Subsequently, the rest of the members will follow suit, and the septet will regroup by 2025.
Soon after, HYBE's CEO Park Ji-won released an official statement addressing fans', the government and shareholders' concerns regarding Bangtan's military. He explained that HYBE and the Bangtan members had been planning this for a long time since the group's military service was inevitable.
For short-term goals, members will be releasing their solo albums and mixtapes. Jin will release a potential collab song with Coldplay, rap line members might release their third album, and the maknae line members will officially debut their solo albums or mixtapes.
There are individual activities planned for the first half of 2023.
Military of Defense states they will allow the septet to perform and engage in certain group activities
Bangtan's military announcement put a full stop to all the ongoing news debates and heated discussions regarding the group's enlistment. ARMYs are heartbroken yet proud that the septet has taken such a selfless decision.
During a regular press briefing on October 18, 2022, a representative of South Korea's Ministry of Defense stated that Bangtan members would be allowed to perform at national events or events of national importance.
Further details regarding Bangtan's military service and future activities are awaited.
