Shares of Hybe Co, the agency behind K-pop band BTS, fell as much as 15% on Monday following underwhelming turnout at a concert by the boy band jittered investors.
The in Seoul’s Gyeongbokgung Palace drew a much smaller crowd that authorities had initially expected, given that it was the first comeback concert of the K-pop megastars after they completed their compulsory military training.
Hybe share price recorded its biggest intraday fall since June 2022, following the underwhelming turnout for the BTS concert. It must also be noted that the concert was livestreamed on Netflix, where subscribed users could watch it live for free.
The lower-than-expected numbers at the has sparked worries of a Hybe selloff, with the agency’s profit growth being sluggish during the months-long hiatus of the group.
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.
BTS comeback concert
The concert event at Gwanghwamun square attracted 104,000 fans versus the 260,000 initially estimated by police, according to Chosun Ilbo, as cited by Bloomberg.
“An estimated 104,000 fans attended the Gwanghwamun Square concert, based on ticket sales and data from the country’s three major mobile carriers,” HYBE said in a separate statement to news agency AFP.
Meanwhile, police estimates of the crowd size were far lower at about 42,000, according to Yonhap news agency.
Stringent crowd control measures — reflecting in part the authorities’ focus on avoiding a repeat of the Itaewon incident years ago — may have played a part.
Some 15,000 police officers and security personnel were mobilised for the concert, with barricades lining the roads and nearby venues shut.
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.
Fans waved a sea of glowsticks and sang along to the group’s hits, holding their phones aloft to film the performance as giant screens set up across the venue allowed the crowd to watch.
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.
Following Saturday’s concert, the superstars will embark on their “ARIRANG” world tour, beginning April 9 in Goyang, South Korea.
Spanning 82 concerts across 34 cities, the 2026-27 tour will take in Asia, North America, Europe and Latin America.
Tickets for shows in South Korea, North America and Europe sold out within hours.