economy
BTS comeback draws a smaller crowd than hoped, hitting parent company Hybe's shares
Shares in Hybe, the parent company of South Korean boyband BTS, fell 15% on Monday as their much-anticipated comeback drew a smaller crowd than expected.
TL;DR
- Hybe shares fell 15% on Monday after BTS's comeback concert in Seoul had lower attendance than forecast.
- Just over 100,000 fans attended, falling short of the 260,000 expected.
- BTS's return is crucial for Hybe's revenue, especially after profits dipped during the band's hiatus for mandatory military service.
- The concert's streaming on Netflix in 190 countries may help mitigate the impact of lower in-person attendance.
- Increased competition in the K-pop industry from groups like Blackpink and Seventeen has emerged during BTS's absence.
- The stock decline occurred despite recent analyst upgrades and increased price targets for Hybe.
- The tour, which began in Seoul, is scheduled for 79 shows across 23 countries.