Thursday 16 June 2022 12:25 AM BTS DENY they're splitting after 'hiatus' announcement wiped 34% of label's ... trends now
K-Pop icons BTS have denied they're splitting just one day after announcing a 'hiatus' that has since wiped 34 per cent off their record label's market cap.
The South Korean band now insist Tuesday's statement got 'lost in translation', after apparently saying they were taking a break to pursue solo projects.
While bandmates will pursue solo projects, they will remain an active group for the foreseeable future, it has been claimed.
According to TMZ, BTS backpedaled and sparked rumors they've been enticed to stay together after their announcement sent shares in record label HYBE plunging by 34 per cent. That wiped close to two billion off the firm's market cap.
The massively successful band, which has a famously huge and hysterical fan base, triggered the frenzy after the announcement Tuesday during their annual FESTA dinner.
Speaking in Korean and with English subtitles in the celebration of the band's nine years together, bandmember RM said it was time for them to work on their own and announced are on 'temporary hiatus.'
But music fans have heard the 'temporary hiatus' line from other bands in the past, and fear its a way of gently breaking news of a split to fans.
BTS sent its millions of fans and investors at their label into a frenzy after the announcement Tuesday during their annual FESTA dinner, which celebrated their nine years together
But the popular South Korean band's management debunked those reports on Wednesday, saying the message had been lost in translation. While bandmates will pursue solo projects, they will remain an active group for the foreseeable future, they said
Their label, HYBE, reported its shares plunged 25%, wiping nearly $1.7 billion off its market value
On Tuesday, the popular South Korean band shared that they are on 'temporary hiatus.
Members Jungkook, 24, Jin, 29, RM, 27, V, 26, Suga, 29, J-Hope, 28, and Jimin, 26, broke down in tears during the Festa video as they talked taking time off to 'grow.'
V said during the video: 'J-Hope told me this before, we could focus on our solo work this time, and later, when we gather as a group, that synergy was like no other.'
On the South Korean live streaming app VLive Wednesday, bandmate Jungkook reportedly addressed the 'misunderstanding' on video.
Official English captions have not been added to the one-hour-long streaming video.
A BTS representative told Rolling Stone that the group will not be disbanding, but some members will pursue their own projects.
The representative also told the outlet that BTS will be shooting a video for 'Run BTS' in the upcoming months.
Tuesday's unexpected announcement fueled anger among investors in HYBE.
'They've planted 'dynamite' in the hearts of shareholders,' one wrote on a Samsung Securities stock trading platform, referring to one of the group's hit songs.
HYBE shares had performed relatively poorly in recent months, and the company's chief executive and some BTS members unloaded stock totaling $10 billion won in December.
'I always thought that BTS was different from other groups, but the problem with K-pop and the whole idol system is that they don’t give you time to mature,' RM said on the FESTA video.
'You have to keep producing music and keep doing something.'
And Jimin added, 'We can’t help but think of our fans no matter what, we
