BTS comeback show’s turnout falls short, sparking Hybe sell-off

HYBE CO.’S shares plunged as much as 15% after a heavily promoted comeback concert by K-pop megastars BTS drew a smaller crowd than authorities initially expected.

Stock in BTS’ agency recorded its biggest intraday decline since June 2022. The group’s event at Gwanghwamun Square attracted 104,000 fans versus the 260,000 initially estimated by police, according to Chosun Ilbo. Stringent crowd control measures — reflecting in part the authorities’ focus on avoiding a repeat of the incident years ago — may have played a part.

The concert was live-streamed by Netflix, Inc., which should release viewership figures later this week. The group performed 12 songs during the hour-long show, ranging from new tracks on their album Arirang to hits such as “Butter” and “Dynamite.” The event also drew more viewers on Netflix, topping daily charts in countries including South Korea over the weekend.

BTS is returning to the global stage after a near-four-year hiatus, when its seven members underwent mandatory South Korean military service. They’re embarking on their largest-ever tour, with 82-stops already sold out.

The preliminary reception to their new work was strong. The album quickly topped Spotify charts after its release. Several songs led rankings including on Spotify and iTunes, while the album sold 4 million copies on its first day.

The stakes are immense for both BTS and Hybe. The success of the group will dictate the future of Hybe, its management company and record label. Despite Hybe’s global expansion through the acquisitions of labels from Hollywood to Latin America, BTS remains the company’s core earnings driver. Profit growth had been sluggish during the group’s hiatus. — Bloomberg