BTS comeback show’s turnout half than expected, leading to 15% drop in Hybe shares

SEOUL – Hybe’s shares plunged by as much as 15 per cent after a heavily promoted comeback concert by K-pop megastars BTS drew a smaller crowd than the authorities initially expected.

Stock in BTS’ agency recorded its biggest intra-day decline since June 2022.

The boy band’s event at Gwanghwamun Square on March 21 attracted 104,000 fans versus the 260,000 initially estimated by the police, according to South Korean newspaper Chosun Ilbo.

Stringent crowd control measures – reflecting in part the authorities’ focus on avoiding a repeat of the Itaewon crowd crush in October 2022 – may have played a part.

The concert in Seoul was live-streamed by Netflix, which should release viewership figures later this week.

BTS performed 12 songs during the hour-long show, ranging from tracks on their new album, Arirang, to hits such as Dynamite (2020) and Butter (2021).

The event also drew more viewers on Netflix, topping daily charts in countries including South Korea over the weekend. 

BTS are returning to the global stage after a hiatus of nearly four years, during which their seven members underwent mandatory South Korean military service. They are embarking on their largest tour, with 82 stops already sold out. 

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

The stakes are immense for 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 remain the company’s core earnings driver. Profit growth had been sluggish during the group’s hiatus. Bloomberg