HYBE Stock Falls on Weaker-Than-Expected Turnout for BTS Comeback

South Korean entertainment giant HYBE took a hit on the stock market following a lower-than-expected turnout for the comeback performance of K-pop boyband BTS on Saturday, March 21.

Numbers game:

• At the end of the trading day on Monday in Seoul, HYBE’s shares had fallen 15% to KRW 290,500 (USD $194), a three-month low.

• The dip is being attributed to the underwhelming turnout for BTS’ free outdoor concert at Gwanghwamun Square.

• HYBE said the event attracted 104,000 fans, less than half the 260,000 police had projected prior.

• As per Music Business Worldwide (MBW), The Korea Times is reporting that Seoul’s real-time urban data system puts the actual number of attendees between 46,000 and 83,000, depending on the perimeter measured.

• MBW also notes that while escalating tensions between the US and Iran led to a broader market rout in Korea, the fact HYBE’s stocks dropped more than those of rival agencies SM Entertainment, JYP Entertainment and YG Entertainment suggests the concert was a contributing factor.

For those watching at home:

• The concert was also streamed on Netflix, which is yet to release viewer numbers.

• Some estimates, however, suggest 300 million people tuned in.

Record breakers:

• BTS’ first album in six years, ARIRANG, was released on Friday March 20.

• It racked up more than 110 million Spotify streams in its first 24 hours, becoming the most streamed K-pop album in the platform’s history, and the most streamed album in a single day this year.

• It is 12th on Spotify’s all-time list for opening-day streams across any genre, a list topped by Taylor Swift’s The Tortured Poets Department at 314 million streams.

• All the album’s 14 tracks occupied spots on the Spotify Global Top 50.

• Big Hit Music claims ARIRANG sold 3.98 million copies on its first day of release.