As “Joseon Exorcist” Gets Cancelled, SBS And YG Entertainment Loses Big Time
It seems as though that fans are not the only ones affected by the cancellation of the K-drama "Joseon Exorcist."
As per reports from the Korea Exchange, the South Korean entertainment company YG Entertainment and the South Korean network company SBS have dropped in terms of stocks. Their stocks have been reported to be amounting to 1.23 trillion Korean Won, which is approximately $1.087 billion, on the 26th of March.
Previously on the 22nd of March, the day the K-drama "Joseon Exorcist" made its premiere. Four days after, the combined market value of SBS and YG Entertainment was reported to be 1.3014 trillion Korean Won which is approximately $1.150 billion. This only means that their stocks dropped a total amount of 71.6 billion Korean won, which is around $63.3 million.
In totality, as this happened, the stock prices of YG Entertainment and SBS have dropped by 5.63 percent and 5.24 percent, respectively. Moreover, YG PLUS, a subsidiary company under YG Entertainment, has also suffered a drop of 2.64 percent.
YG STUDIOPLEX, a company under YG Entertainment, is the main company that caters to the production of the K-drama "Joseon Exorcist." Furthermore, SBS was the broadcasting company of the k-drama.
Unfortunately, the K-drama "Joseon Exorcist" has almost finished the entire season. This means that the South Korean series will undoubtedly lose 32 billion Korean won, which is around $28.2 million, in terms of production costs.
Estimations of up to 7 billion Korean won, around $6.2 million, will be lost by SBS.
The simple cancellation of a South Korean drama has made rounds around the stock market globally.
Originally, "Joseon Exorcist" was canceled on the 26th of March due to the wrong depiction of Korean history, which did not bode well to South Korean viewers. Mainly due to the fact that Chinese props such as food, clothing, and many more were used instead of Korean.