HYBE Co., the entertainment giant behind global sensation BTS, saw its stock prices soar on Thursday after one of its artists, Jimin, achieved a historic feat on the U.S. music scene. Jimin, who debuted as a solo singer with his album “Face” last month, topped the Billboard Hot 100 chart with his song “Like Crazy,” becoming the first South Korean soloist to do so. The song also previously became the first by a K-Pop soloist to hit #1 on the daily global Spotify chart.
The news of Jimin’s chart-topping success boosted HYBE’s shares by as much as 11% to 212,500 won ($161.31) in morning trading, the highest level since January. The company’s market capitalization also rose to 8.9 trillion won ($6.8 billion), surpassing that of Samsung Electronics Co., the country’s largest conglomerate. The benchmark Kospi index, meanwhile, fell 1.1% amid rising coronavirus cases and geopolitical tensions.
Analysts said Jimin’s solo debut in the U.S. market has demonstrated the enduring popularity and influence of BTS and its members, who have been on a group hiatus since last year due to their mandatory military service. BTS, which debuted in 2013 under HYBE (then known as Big Hit Entertainment), became the first Korean act to top the Billboard Hot 100 chart in 2020 with their smash hit “Dynamite.” The group has since broken numerous records and won prestigious awards cementing their status as global superstars.
Since the group’s hiatus, BTS members have pursued solo projects in various fields, such as music, acting, fashion and philanthropy. Jimin is the third member to release a solo album, following RM and J-Hope. His album “Face” consists of six tracks that showcase his versatile musical style and artistic identity. The album has received rave reviews from critics and fans alike, and has topped various charts in Korea and abroad.
HYBE said it expects Jimin’s solo success to have a positive impact on its earnings and brand value. The company also said it plans to support more solo activities for its artists in the future, while maintaining its commitment to group projects. HYBE is currently home to several popular K-pop acts besides BTS, such as TXT, ENHYPEN, Seventeen and NU’EST.