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BTS agency shares drop after comeback show turnout falls short
BTS agency shares drop after comeback show turnout falls short
32 minutes ago
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Peter HoskinsBusiness reporter
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The free concert was attended by an estimated 104,000 fans
Shares in Hybe, the company behind K-pop megastars BTS, have fallen sharply after a much lower number of fans attended their comeback concert than expected.
The free concert in Gwanghwamun Square in Seoul on Saturday saw all seven members - Jin, Suga, J-Hope, RM, Jimin, V, and Jung Kook - perform together for the first time since they went on hiatus in 2022, in order to enlist for mandatory military service.
It was attended by an estimated 104,000 fans, less than half the quarter of a million that was expected.
Hybe’s shares had risen in recent months ahead of the comeback tour and the release of their new album, Arirang. But on Monday, shares fell by almost 15%, reaching a four-month-low.
The event which marked the start of the band’s sold-out, 82-date world tour, was live-streamed on Netflix to more than 190 countries, including South Korea.
That, along with strict crowd control measures, may have had an impact on 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 boyband’s concert that took place in the historic Gwanghwamun Square saw them perform songs from their new album alongside hits like Butter and Dynamite.
The stakes could hardly be higher for both BTS and Hybe.
BTS is Hybe’s main source of income, with the firm’s operating profit slumping during the bands extended hiatus.
Meanwhile, K-pop has grown in popularity globally since the last BTS tour, which ended in 2019.
They now face tough competition for fans’ attention from rivals both real - like Blackpink, Seventeen and Stray Kids - as well as fictional - Kpop Demon Hunters.
Netflix is reportedly planning a KPop Demon Hunters world tour, as the streaming giant tries to further capitalise on its most popular movie ever.
The tour could go ahead next year to help promote a sequel of the hit film, according to Reuters and Bloomberg.
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K-pop
BTS
South Korea