BTS Not Going On Hiatus, HYBE CEO Clarifies Following Slump In Company Shares

KEY POINTS

HYBE CEO Park Jiwon said BTS members will still participate in group activities
His company lost $1.7 billion of market value Wednesday
Park said the group has "no desire to disband"

BTS' management Agency HYBE said the world's most popular boy band is not going on a hiatus but will merely explore individual activities while still actively participating in group gigs.

The clarification came after the stock value of HYBE fell by 28% Wednesday and wiped $1.7 billion off its market value. It was the company's lowest value since the label made its trading debut on the Korea Exchange in October 2020.

"Through the BTS Festa Dinner Party, BTS conveyed their desire to expand the range of their activities by combining group activities and individual activities for the continued growth and maturation of the group. Portions of the video are being blown out of proportion and interpreted incorrectly, leading to the spreading of false information," HYBE CEO Park Jiwon said in a statement shared by Koreaboo.

"BTS is not even considering disbanding the team at all, and there is nothing going on regarding any process of disbanding the group," he added.

Park reiterated that the group members will merely start embarking on individual projects while participating in group projects.

"The scope of their activities will be carried out in a way that has more variety, as we plan to carry out both team activities and individual activities together. This will provide them the opportunity to leap forward and grow as artists," the HYBE CEO pointed out.

The septet broke the news regarding their temporary break in their ninth-anniversary dinner video released Tuesday.

Prior to this, the supergroup released their anthology album "Proof" on June 10.

On Wednesday, the group's youngest member, Jungkook, held a surprise live stream on VLive and explained the future direction of the band after many fans, known as ARMY, expressed sadness on social media.

"I thought it was right to get this clarified in case there were any misunderstandings. BTS is forever," the 24-year-old singer explained. "I'll say this again but we have no desire to disband. We still have a lot of group activities left, and there will continually be more in the future. So you don’t have to worry about that."

Band leader RM assured fans that the group will remain intact and maintained that it was not the end of BTS.