Shares in Hybe, the entertainment company behind K-pop group BTS, fell sharply on Monday after the band’s comeback concert in Seoul drew fewer fans than anticipated.
The free concert in Gwanghwamun Square on Saturday marked the first time all seven members — Jin, Suga, J-Hope, RM, Jimin, V, and Jung Kook — performed together since they went on hiatus in 2022 for mandatory military service.
An estimated 104,000 fans attended the event, less than half of the 250,000 that had been expected.
Hybe’s shares had risen in recent months ahead of the comeback tour and the release of the group’s new album, Arirang. However, on Monday, shares fell by nearly 15 per cent, reaching a four-month low.
The event marked the start of the band’s sold-out, 82-date world tour and was live-streamed on Netflix to more than 190 countries, including South Korea. Strict crowd control measures and the availability of the livestream may have contributed to the lower in-person attendance. Netflix is expected to release viewership figures later this week.
On Saturday, Big Hit Music — the music label run by Hybe — announced that Arirang had sold 3.98 million copies on the first day of its release. The concert saw the group perform songs from the new album alongside hits such as Butter and Dynamite.
BTS remains Hybe’s primary source of income, with the company’s operating profit slumping during the band’s extended hiatus.
Since BTS’s last tour ended in 2019, K-pop has grown significantly in global popularity. The group now faces increased competition from both real-life acts such as Blackpink, Seventeen, and Stray Kids, as well as fictional competitors like Kpop Demon Hunters.
Netflix is reportedly planning a Kpop Demon Hunters world tour next year to promote a sequel to the hit film, as the streaming giant seeks to further capitalise on its most popular movie ever, according to Reuters and Bloomberg.
