The Korean pop industry (K-pop) has been in a slump ever since global titans BTS announced a break to complete their mandatory military service. It started in 2022, when the group’s eldest member – Jin aka Kim Seokjin – announced his enlistment in the military in December 2022.

While the seven members were away from group activities, they attempted solo releases, with each releasing a solo album in the past two years. However, it cannot be denied that the K-pop industry missed BTS as much as their fans, ARMY, did. The attraction that a BTS member or group guarantees worldwide is unprecedented. Over the past 18 months, the industry that thrived on the group’s successful US, South Asian tours, streaming revenues, and physical album sales, fell into a slump.

Between 2023-24, Hybe and SM Entertainment (the two largest K-pop agencies) collectively lost $6.2 billion (over 500 billion Indian rupees) in market value from their peak last year. This is due to a drop in share price and a decline in physical album sales in South Korea.

The controversies that have arisen around the major giants in the last few months (Hybe ownership dispute and allegations of manipulation of music charts) could also be one of the many reasons behind the decline in sales.

Before being hit by controversy, Hyub saw strong album sales thanks to Seventeen, Tomorrow x Together, and New Jeans, selling around 43.6 million album units in 2023. Despite their absence and no BTS album, the members sold over 8.7 million copies globally.

BTS, Hybe’s main revenue generator, continued to fund the company with projects that did not require their direct involvement. For example, BTS Island: In the SEOM, which was launched in June 2023, and is available in six different languages: Korean, Japanese, English, Chinese (both simplified and traditional) and Spanish. As of November 26, it garnered over 7 million cumulative users. Their book ‘Beyond the Story’ also recorded high sales. Along with this, their solo documentary on streaming platforms also garnered huge viewership.

BTS’s bulletproof status can be confirmed time and again by how Hyeb’s stock prices react to news of their reunion or comeback. For example, just last week, news of Jin’s comeback caused Hyeb’s shares to rise by 0.25%.

One can only wonder how carefully BigHit Music – the label behind BTS – and the members handled their break, which is hardly the way anyone would have liked it. During the past 18 months, at least one member of the group had a release eagerly awaited. Though their physical presence was missed, their presence in the form of musical, record-breaking collaborations consoled fans.

The K-pop industry has seen some milestones in the last 18 months, which have also been fueled by the solo releases of BTS members. Be it RM’s ‘Indigo’, J-Hope’s ‘Jack in the Box’, or Suga’s ‘D-Day’, Jimin’s ‘Faces’, Taehyung’s ‘Layover’ or Jungkook’s ‘Golden’, each album registered record-selling not just in the US but also in South Korea.

In fact, Suga’s ‘D-Day’ concert has become one of the biggest revenue sources for Hyeb and K-pop in general during the last 18 months. Jungkook’s performance in the US and collaborations with Charlie Puth, Usher, Latto, etc. made the streaming platforms buzz.

With BTS’ Jin now returning after successfully completing his mandatory military service, an upcoming album by the eldest member is expected in the next quarter. Jin had released a single, ‘The Astronaut’, before leaving for his military enlistment.

His comeback will be followed by J-Hope’s return by October and the comebacks of Suga, RM, Jimin, V, and Jungkook in June next year.