Hybe shares have fallen sharply after a smaller-than-expected crowd turned up for BTS' highly anticipated comeback concert in Seoul, raising fresh questions about the group's post-hiatus momentum.
The free concert, held at Gwanghwamun Square on Saturday, marked the first time all seven members, including Jin, Suga, J-Hope, RM, Jimin, V and Jung Kook, performed together since their 2022 hiatus for mandatory military service.
While the reunion drew an estimated 104,000 fans, attendance fell well short of the roughly 250,000 that had been expected. The turnout appeared to disappoint investors, sending Hybe's shares down by 15.5% on Monday, March 23, after months of gains fuelled by anticipation surrounding the group's return and new music release.
The concert also marked the launch of BTS' 82-date global tour and coincided with the release of their latest album, Arirang. Despite the softer physical turnout, demand for the group's music remained strong. Their label, Big Hit Music, announced that the album sold 3.98 million copies within its first day.
Industry observers pointed out several factors that may have affected in-person attendance. The concert was live streamed globally on Netflix across more than 190 countries, potentially encouraging fans to tune in remotely. Strict crowd control measures at the historic venue may have also limited capacity. Viewership data from the streaming platform is expected later this week.
The performance featured a mix of new tracks alongside global hits such as Butter and Dynamite, underscoring BTS' continued appeal. However, the stakes remain high for both the group and its parent company. BTS has long been Hybe's primary revenue driver, and the firm's operating profits dipped during the group's extended hiatus.
Since BTS last toured in 2019, the global K-pop landscape has become more competitive. Acts like Blackpink, Seventeen and Stray Kids have expanded their international reach, intensifying the battle for fan attention.
Adding a new twist to the competition, even fictional acts are gaining traction. Reports suggest that Netflix is exploring a world tour for its animated hit KPop Demon Hunters, aiming to capitalise on the film's global popularity and potentially promote a sequel.
As BTS embarks on its ambitious world tour, the coming months will be critical, not just for the group's comeback narrative, but also for Hybe's financial recovery in an increasingly crowded global music industry.
