BTS comeback draws a smaller crowd than hoped, hitting parent company Hybe's shares
#BTS #Hybe #comeback #shares #crowd #K-pop #stock #performance
📌 Key Takeaways
- BTS's recent comeback attracted a smaller audience than anticipated.
- The lower turnout negatively impacted Hybe's stock price.
- The event highlights the group's significant influence on Hybe's financial performance.
- Market expectations for BTS's commercial success were not fully met.
📖 Full Retelling
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.
🏷️ Themes
K-pop, Finance
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Original Source
Shares in Hybe, the parent company of South Korean boyband BTS, fell 15% on Monday as their much-anticipated comeback in Seoul on Saturday drew a smaller crowd than expected. Local authorities said just over 100,000 fans attended the band's first concert in more than three years, falling short of the 260,000 forecast, Reuters reported . The event came under criticism from some South Koreans for tight security measures enforced on a crowd that mostly failed to materialise. BTS is key to Hybe's revenues, with profit slumping during the band's extended hiatus for mandatory military service from 2022. Hybe owns the band's record label, Big Hit Music, which brought BTS to international fame after the release of their first album in 2013. Its share price hit reflected investor disappointment in the band's return, although the tour is streaming on Netflix in 190 countries, which may help offset some of the in-person attendance declines. The seven-piece group is widely credited as pioneers of the K-pop genre, but the industry has grown increasingly competitive in their absence. Bands like Blackpink, Seventeen and Stray Kids have all taken market share, and Netflix's "Kpop Demon Hunters" movie has proved particularly popular among younger audiences. Its share price decline comes counter to lofty analyst expectations for the stock, based on a "larger than expected" number of tour dates, according to Nomura , which raised its target price on the stock to 410,000 won, or around $276, from 354,000 won back in January. The group is set to perform 79 shows across 23 countries in its first leg of the tour, which started with Seoul on Saturday night. — CNBC's Lim Hui Jie also contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news. Subscribe to CNBC PRO Subscribe to Investing Club Licensing & Reprints CNBC Councils Select Personal Finance Join the CNBC Panel Closed Captioning Digital Products News...
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