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, for mandatory military service. It was attended by an estimated 104,000 fans, significantly less than the quarter of a million that was anticipated. Hybe's shares had risen in the preceding months due to the hype surrounding the comeback tour and new album, Arirang. However, they faced a 15.5% drop on Monday. The event marked the start of BTS's sold-out, 82-date world tour and was live-streamed on Netflix to over 190 countries. Strict crowd control measures may have impacted attendance, with Netflix set to reveal viewership statistics. Despite selling almost 4 million copies of their new album on the first day, BTS and Hybe face fierce competition from rival K-pop groups and new contenders emerging in the industry. Netflix is reportedly planning a world tour for its K-pop content, further heightening the competitive landscape.
BTS Comeback Concert Attendance Falls, Shares Plummet
BTS Comeback Concert Attendance Falls, Shares Plummet
Hybe sees a significant drop in shares following BTS's comeback concert in Seoul where attendance was less than expected despite high hopes.
The eagerly awaited BTS concert in Gwanghwamun Square, attended by only 104,000 fans, sent shockwaves through Hybe's stock prices which dropped by 15.5%. The concert marked the group's first performance together since their military hiatus. Despite some success with album sales, competition in the K-pop scene is heating up. Netflix is also gearing up for a potential new K-pop tour in response to growing global interest.
