BTS’s South Korea comeback crowd disappoints, triggering Hybe stock sell-off

Shares in BTS’ agency have plunged as much as 15 per cent after a heavily promoted comeback concert by the K-pop megastars in South Korea drew a smaller crowd than authorities initially expected.Hybe’s stock later recorded its biggest intraday decline since June 2022. The group’s event at Gwanghwamun Square in Seoul attracted 104,000 fans vs the 260,000 initially estimated by police, according to the Chosun Ilbo newspaper.Stringent crowd control measures, reflecting in part the authorities’ focus on avoiding a repeat of the Itaewon crowd crush of 2022, may have played a part.Fans react during BTS’ comeback concert near Gwanghwamun Square in Seoul on Saturday. Photo: APThe concert was live-streamed by Netflix, which should release viewership figures later this week. The group performed 12 songs during the hour-long show, ranging from new tracks on their album Arirang to hits such as “Butter” and “Dynamite”.The event also drew more viewers on Netflix, topping daily charts in countries including South Korea over the weekend.BTS is returning to the global stage after a near-four-year hiatus, when its seven members underwent mandatory South Korean military service. They are embarking on their largest-ever tour, with 82 stops already sold out.A general view of Gwanghwamun Square in central Seoul on Saturday. The concert was live-streamed by Netflix. Photo: Yonhap/EPAThe preliminary reception to their new work was strong. The album quickly topped Spotify charts after its release. Several songs led rankings including on Spotify and iTunes, while the album sold 4 million copies on its first day.