YG Entertainment’s And SBS’s Stocks Drop After Cancellation Of “Joseon Exorcist”
On March 26, it was announced that “Joseon Exorcist” was permanently cancelled. The drama had come under fire for using Chinese-style props and food, which many viewers pointed out was a distortion of Korean history, as well as its problematic depictions of several major Korean historical figures.
According to the Korea Exchange, YG Entertainment and SBS’s aggregate market value on March 26 was 1.2297 trillion won (approximately $1.087 billion). On March 22, the day of the premiere of “Joseon Exorcist,” the two companies’ aggregate market value had been 1.3014 trillion won (approximately $1.150 billion), meaning that the amount fell 71.6 billion won (approximately $63.3) by March 26. YG Entertainment is the parent company of YG STUDIOPLEX, the production company behind “Joseon Exorcist,” and SBS was the drama’s broadcasting company. During this period, YG Entertainment’s stock price declined 5.63 percent and SBS’s by 5.24 percent. YG Entertainment’s other subsidiary YG PLUS also saw a 2.64 percent drop.
As filming for “Joseon Exorcist” had been 80 percent complete, the drama will incur losses for the majority of its production costs, which was reportedly 32 billion won (approximately $28.2 million). Hong Se Jong, a researcher at Shinhan Investment, estimates that SBS will incur losses of 7 billion won (approximately $6.2 million) if the 14 episodes unreleased episodes remain unaired.
There are concerns that the cancellation of “Joseon Exorcist” may only be the first of more to come. The upcoming drama “Snowdrop” (literal title), starring Jung Hae In and BLACKPINK’s Jisoo, is also being suspected of historical distortion. The drama portrays the year 1987, a key year in South Korea’s popular democratic movement that led to the establishment of the present-day republic, and some Koreans have expressed concern over the drama potentially disparaging the pro-democracy movement or glamorizing being a spy or working for the NSP(Agency for National Security Planning, part of the authoritarian regime).