Korean entertainment industry stocks have surged after BTS singer Jimin topped the Billboard Hot 100 charts as a soloist, for his recent single “Like Crazy”.
On Wednesday, he became the first and only Korean solo artist and the only Asian solo artist in the past six decades to achieve the number one spot on the US Billboard Hot 100.
His latest EP (extended play) album Face took the world by storm, breaking many music records.
According to the South Korean entertainment website allkpop.com, top TV stations in the country reported about it several times a day and newspapers “made it front-page news”.
“This positive and impactful news prompted fresh interest from the general public and investors in the K-pop industry, as seen from the immediate dynamics of the stock market,” the report said.
Several media outlets reported that the data from Korea Exchange showed a significant increase in stock prices for BTS’ management agency, Hybe Co. Ltd.
A tweet by one of his fan accounts showed a 58 per cent increase on April 6.
On April 7, the stocks were up again by 5.85 per cent, with the current share prices at 12,000 Korean won (Dh33.49) per share.
This surge has positioned the company's stock price at the highest level ever since June 2022 when BTS announced a halt to group activities to focus on individual projects. The development had caused some worry about the future of the company given that BTS accounted for the biggest share of the company's revenue.
Jimin’s latest achievement has also helped BTS accomplish a feat that only two other acts in history have managed. According to Billboard, the South Korean septet has become “the third group in US history to have six number one hits on the Hot 100… and then for at least one of the members to land a solo leader as well”.
With his song “Like Crazy” topping the charts, BTS is now in the same company as two of the most iconic groups in music history, The Beatles and The Supremes.
Not only is Jimin the first member of BTS to achieve a solo number one hit, he is also the only one to reach the top 10 on the Hot 100. His debut solo EP Face debuted at number 2 on the Billboard 200, almost giving him a coveted chart double.
