Shares of K-pop agency HYBE tumbled as much as 16% on Monday, marking the company’s biggest one-day stock decline since June 2022, after BTS’s highly anticipated comeback concert at Seoul’s Gwanghwamun Square attracted far fewer fans than authorities expected.
The concert, titled “BTS The Comeback Live: Arirang,” took place on Saturday, March 21 and was the group’s first full performance in nearly four years after all seven members completed their mandatory military service. Police initially estimated that at least 260,000 fans would flood the historic area in central Seoul.
However, the actual turnout was much lower. Official data varied depending on the source; the Ministry of Interior and Security reported about 62,000 attendees during the hour-long concert, Seoul city data places the count between 46,000 and 48,000, and police estimate between 70,000 and 80,000, according to The Herald of Korea.
HYBE itself claimed around 104,000 based on ticket holder data, mobile operator information and estimates from foreign visitors.
The disappointing public numbers sent the stock market into shock. According to the Korea Exchange, HYBE shares traded at 288,500 won ($191) early afternoon on Monday, down from Friday’s close of 344,000 won ($227).
The stock hit its lowest point since December 16, 2025, erasing a significant portion of the rally that had built up before the return. HYBE shares previously peaked at 401,500 won ($265) on Feb. 23, Korea JoongAng Daily reported.
Analysts and officials pointed to several factors behind the lower-than-expected attendance. Strict crowd control measures, put in place in part to prevent a repeat of 2022’s deadly Itaewon crowd, have restricted access to the venue and surrounding areas.
Thousands of police officers and emergency personnel were deployed and movement in the square was strictly managed. Additionally, the concert was live-streamed globally on Netflix in more than 190 countries, offering fans a convenient alternative to attending in-person. Netflix is expected to release official viewership data later this week.
Despite the low physical turnout, the event itself concluded without any reported safety incidents.
BTS performed 12 songs during the hour-long set, including new songs from their fifth studio album “Arirang” and fan-favorite hits like “Butter” and “Dynamite.” The album sold 3.98 million copies on its first day of release, according to the BBC.
