K-Pop Stocks Sink as EXO Member Leaves SM Entertainment for New Agency

, D.O. will leave SM Entertainment for a new agency being established by his longtime manager. D.O.’s contract expires in early November, SM Entertainment said in a statement, and the artist “will continue with his EXO activities with SM” but pursue acting and other activities through the new agency. , fell 8.2% to 224,500 won . Shares of Kakao Corp. dropped 9.6% to 39,050 won . Kakao and its subsidiary Kakao Entertainment own 40% of SM Entertainment’s common stock.

Despite the week’s heavy losses, K-pop stocks are among the best performing music stocks in 2023. Through Friday, HYBE, SM Entertainment, YG Entertainment and JYP Entertainment have gained an average of 37.1% year to date. JYP Entertainment leads the four companies with a year-to-date improvement of 48.8%.

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