Shares of K-pop agency HYBE plunged as much as 16 percent on Monday, Mar. 23, marking the company’s biggest single-day stock decline since June 2022, after the highly anticipated BTS comeback concert at Gwanghwamun Square in Seoul drew far fewer fans than authorities had projected.
The concert, titled “BTS The Comeback Live: Arirang,” took place on Saturday, Mar. 21, and was the group’s first full performance in nearly four years following the completion of all seven members’ mandatory military service. Police had initially estimated that as many as 260,000 fans would flood the historic area in central Seoul.
However, the actual turnout fell well short. Official figures varied by source; the Ministry of the Interior and Safety reported roughly 62,000 attendees during the concert hour, Seoul city data placed the count between 46,000 and 48,000, and police estimated between 70,000 and 80,000, as per The Korea Herald.
HYBE itself claimed around 104,000 based on ticket holder data, mobile carrier information, and foreign visitor estimates.
The disappointing crowd numbers sent shockwaves through the stock market. According to the Korea Exchange, HYBE shares traded at 288,500 won ($191) by early Monday afternoon, down from a Friday close of 344,000 won ($227).
The stock hit its lowest point since Dec. 16, 2025, wiping out a significant portion of the rally that had built up ahead of the comeback. HYBE’s shares had previously peaked at 401,500 won ($265) on Feb. 23, the Korea JoongAng Daily reported.
Analysts and officials have pointed to several factors behind the lower-than-expected attendance. Stringent crowd control measures, put in place partly to prevent a repeat of the deadly 2022 Itaewon crowd crush, restricted access to the venue and surrounding areas.
Thousands of police officers and emergency personnel were deployed, and movement into the square was tightly managed. Additionally, the concert was livestreamed globally on Netflix across more than 190 countries, giving fans a convenient alternative to attending in person. Netflix is expected to release official viewership figures later this week.
Despite the underwhelming physical turnout, the event itself concluded without any reported safety incidents.
BTS performed 12 songs during the hour-long set, including new tracks from their fifth studio album “Arirang” as well as fan-favorite hits like “Butter” and “Dynamite.” The album sold 3.98 million copies on its first day of release, according to the BBC.