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On June 21, 2024, Korea Economic Daily reported that BTS' absence has been affecting the K-pop industry's growth and business. It highlighted that food and beverage ETF 'HANARO Fn K-Food' had an almost 20% increase in value over the previous month, according to the Korea Exchange on June 20. However, only K-pop has taken a hit globally among Korean food, culture, and products.
According to industry insiders, the first quarter of 2024 saw a rise in activity from non-major agencies and large agencies. Korea Economic Daily highlighted that artists' comebacks from the BIG-3 companies (YG Entertainment, SM Entertainment, and JYP Entertainment) were slower than expected, which resulted in losses.
Despite the second half of 2024 being anticipated to be promising with new releases from Stray Kids, Aespa, Red Velvet's Irene, and more, the downward trend in the K-pop wave worldwide is expected to reverse by the end of 2024. However, netizens liked to differ from the industry insiders, and one X user wrote,
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"And still the same industry wants to create a "next BTS" while the existing ones cannot even reach their level during BTS currently in the military. BTS always carrying the back of the whole industry. LOL."
Others voiced their views on the subject and stated that it is unfair to put "political" burdens on Bangtan Sonyeondan's shoulders, while some pointed out that the five-time Grammy-nominated group has grown beyond K-pop.
"I wonder if the time will ever come when BTS will be able to enjoy just being simple musicians without people trying to put political, economical, humanitarian etc responsibilities on their shoulders. When will they be able to just make music they love, sing and perform..." — an X user wrote.
"Am I the only one who is uncomfortable when I see media putting the revitalisation of kpop on bts shoulders. At what point will media, govt, and the entire industry relate with them as the great artists they are and not their means to make money" — an X user wrote.
"This article speaks facts because I like Korean food, kdramas, and BTS. Maybe they should learn something from kdramas. They are completely different but very interesting on their own. Stop trying to mimic Bangtan. Do something else interesting and all their own." — an X user wrote.
"When bang pd said this a few years ago everyone went after him only for 'industry experts' and 'finance experts' to echo his words." — an X user wrote.
Several netizens also highlighted that the K-pop wave has died down across the world since the boyband is on hiatus due to their ongoing military enlistment. Others condemned the South Korean media for seemingly downplaying the boyband's achievements and musical contributions.
"I feel like the hype of kpop has died down, doesn’t help that there hasn’t been any other group to fill BTS’ absence in the west..leading to overall declining interests" — an X user wrote.
"Just wait, they'll label BTS's success as K-pop's success again. They never get that it's BTS who are special, not the other way around. BTS made history because of their talent and hard work, not just because they're part of K-pop. Waiting for the day, kmedia realize it." — an X user wrote.
"BTS WAVE ≠ KPOP WAVE.. Their gov needs to learn the hard truth.just because a lot of people like and enjoying bts's music doesn't mean they will enjoy to every kpop artists" — an X user wrote.
"When they try to make less of the pillar that holds the whole structure together, this is what happens. Do not deny that BTS is very important, it is essential for K-pop to be maintained, BTS does not need K-Pop but K-pop does." — an X user wrote.
DISCLAIMER: Views expressed in this article do not represent Sportskeeda and the author's personal standing on the subject. The article is simply reported based on public opinion and media observations. Readers' discretion is advised.
BTS' military hiatus resulted in the declining popularity of the K-pop wave across the world
Members of the K-pop juggernaut from HYBE Corporation enlisted in the South Korean military as of December 2023. Apart from the band's eldest member, Kim Seokjin, aka Jin, who returned from the military on June 12, 2024, the rest are currently serving in the Republic of Korea Army (ROK Army).
Regardless of their military status, the members pre-recorded solo albums and singles, which are being gradually released by HYBE. Namjoon's second solo album, Right Place, Wrong Person, was released in May 2024 and was pre-recorded in February 2023.
J-Hope's HOPE ON THE STREET VOL.1 was released in March 2024 and was pre-recorded and filmed between 2021 and 2023 before he enlisted in April 2023. Similarly, Jimin spoke about working on his second solo album and was seen flying to Budapest in November 2023. His forthcoming second solo record, MUSE, will be released on July 19, 2024, and was pre-recorded in 2023.
The public dispute between HYBE Chairman Bang Si-hyuk and the CEO of ADOR, Min Hee-jin, caused volatility in the stock price of HYBE throughout the first half of 2024. Following Jin's military discharge on June 12, 2024, and the orderly restart of his solo activities, HYBE shares saw a positive market upward trend.
Furthermore, the band topped the brand reputation index in June 2024 once again, a day after Jin's discharge. Korea Economic Daily reported that JYP Entertainment's artists' (Stray Kids, TWICE's Nayeon, etc.) comeback activities would pick up in the second half of 2024, demonstrating the performance momentum and growth of artists with less seniority. Industry insiders are positive that this will strengthen the K-pop wave.
Researcher Lee Hwan-wook of Yuanta Securities told Korea Economic Daily,
"The trend of global fandom expansion is still continuing, and we are entering a phase where we can expect album performance that can exceed lowered expectations. The stock price trend will show a gradual recovery." [translated]
Furthermore, Bangtan Sonyeondan has constantly maintained their place as the Top 10 contenders as a group and as solo artists on every music chart across the world despite being away serving in the military.
