YG Entertainment and SBS Stocks Badly Hit by the ‘Joseon Exorcist’ Controversy

Tags: Joseon Exorcist; Joseon Exorcist controversy; YG Entertainment; SBS; SBS drama; joseon exorcist episode 1; Joseon Exorcist Rating; Kam Woo Sung; Jang Dong-Yoon; Park Sung-hoon; Joseon Exorcist issue

BY Geca Wills Mar 29, 2021 04:14 AM EDT

"Joseon Exorcist" continues to face adverse effects amid the online criticism and the public's uproar regarding the accusation of historical inaccuracy.

Following the announcement of SBS to terminate the show, a new report cited by a Korean outlet states that the companies involved in the recently debuted program have been badly hit by the "Joseon Exorcist" controversy.

According to Pulse News Korea, stocks of SBS and YG Entertainment with a total of 63.2 million USD plummeted starting March 22, which happens to be the premiere of the period drama series.

To recall, the network in charge of the show's broadcasting while the renowned agency is said to be the number one investor of the series through YG Studio Flex, the company's media investment subsidiary.

In just five days, YG Entertainment's stocks fell at 5.63 percent while the SBS broadcasting dropped 5.24 percent.

Moreover, the top agency's subsidiary, YG Plus, also decreased its stocks by 2.64 percent, making the figures at a total of 8,921,119 drops in the market cap.

Surprisingly, YG entertainment's contender gained an increase in stocks--this includes YP Entertainment with 0.85 percent and Big Hit Entertainment with 5.22 percent.

ALSO CHECK: 'Joseon Exorcist' Cast Deletes Social Media Posts Relating to the SBS Drama Amid Termination

Viewers Blasted "Joseon Exorcist" for Historical Distortion

During its debut, the SBS historical drama series gained mixed emotions from the public.

From online discussions, some netizens lauded the show's impressive production; however, this also sparked controversy surrounding the drama.

Viewers noticed Chinese-style props such as food and swords in "Joseon Exorcist" episode 1, including Chinese pidan or their century eggs, Chinese mooncakes and dumplings, and even a liquor bottle with a Chinese character written on it.

Following a wave of backlash, there has been a formal petition submitted in the Blue House that seeks the show's dismissal.

This is to request to terminate the ongoing period drama immediately "to prevent future occurrences of the serious distortion of the history."

SBS was quick to respond, and despite its apology to the public, the network announced that they were officially canceling the broadcast of "Joseon Exorcist" after airing only two episodes.

"As SBS deeply recognizes the severity of the current situation [regarding the drama], we have decided to terminate our broadcasting rights contract for "Joseon Exorcist" and cancel all broadcasts of the drama."

Moreover, the network acknowledged the blunder and the confusion it caused to the public.

How "Joseon Exorcist" Played a Negative Impact Among Other Upcoming Period Drama Series?

Amid the public's uproar towards historical inaccuracy, two upcoming dramas are experiencing the same unfortunate fate as "Joseon Exorcist."

Just recently, JTBC's "Snowdrop" starring BlackPink's Jisoo and Jung Hae-in is being criticized for historical distortion and romanticizing North Korean spies.

Following this, a petition has been filed and reportedly reached 100,000 signatures, demanding the show to be canceled.

Aside from the "Snowdrop" controversy, "The Golden Hairpin," which is a historical/mystery romance drama that is reportedly scheduled to debut this year, is also facing dilemma and repercussions of the "Joseon Exorcist" issue.