Photo Credit: BTS ‘SWIM’ Official MV / HYBE LABELS (YouTube)
Two days after their reunion concert in Seoul, BTS hit NYC for an exclusive fan event with Spotify. But is “BTS-mania” now a thing of the past? HYBE investors seem to think so.
Only two days after their free reunion concert in Seoul’s Gwanghwamun Square, K-pop princes BTS jet-setted to New York City for a second show, this time at Pier 17 for an exclusive fan event with Spotify. Spotify x BTS: Swimside offered an aesthetically stunning show for the area’s top BTS streamers on Spotify, tied loosely into “SWIM,” a track from the group’s new album, ARIRANG. But will it be enough to placate worried HYBE investors?
HYBE, the K-pop group’s parent company, is still experiencing a significant nosedive, its stock having dropped more than 15% after a much lower turnout for the Seoul event than anticipated. The shift follows HYBE’s shares having risen in recent months ahead of the comeback tour, with BTS being such an integral part of the company’s revenue over the years.
That said, BigHit Music, BTS’ label run by HYBE, reported that ARIRANG had sold 3.98 million copies during its release day—so it’s not exactly all bad news for the company, especially given the rise in popularity of K-pop in the last few years during BTS’ hiatus. But with BTS as their cash cow, the company has been making moves to diversify, buoying other K-pop projects to ride that global wave.
The crux of the issue is that with BTS’ last tour having ended in 2019, they now face stiff competition for fans’ attention from rivals in the genre, like Stray Kids, SEVENTEEN, Blackpink, and NewJeans. That also includes new-to-the-scene fictional rivals, like Kpop Demon Hunters’ HUNTR/X.
With the success of the Kpop Demon Hunters film and plans for a sequel, Netflix is now looking at a world tour for the fictional group’s very real performers in a move to further capitalize on its most popular movie to date.
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