A woman takes a photo in front of a staircase with the logo and release date of BTS’s 2026 album on it at Gwanghwamun Square in Seoul on January 14, 2026. K-pop megastars BTS will begin their comeback world tour in April, the band’s label announced on January 14th. (Photo: Jung Yeon-je/AFP via Getty Images)
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Shares of Hive, the company behind K-pop supergroup BTS, rose 10% on Friday as investors weighed an upbeat third-quarter earnings outlook driven by the artist’s global concerts.
According to local brokerage firm iM Securities, Hive’s third-quarter sales are expected to reach 1.5 trillion won ($1.11 billion), an increase of 106% from the same period last year, and operating profit is expected to be 172.2 billion won. Concert revenue is expected to be 717 billion won, nearly three times as much as last year.
Friday’s stock price increase exceeded the overall stock price increase. Kospi, It increased by 2.9%.
BTS’ ongoing world tour included 16 stadium shows in North America and eight in Europe during the third quarter.
Tiat, along with expanded touring by new artists such as Enhypen, Katzeai and Courtis, helped push concert attendance to nearly 3 million people during the quarter, potentially breaking the company’s quarterly record, the report said.
Busan, South Korea – June 12: Fans take photos with BTS photos and characters on display at Jonghae Stadium Station near Busan Asiad Main Stadium, the venue for the BTS World Tour “Arirang” on June 12, 2026 in Busan, South Korea. (Photo by Hwawon Ceci Lee/Anadolu via Getty Images)
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For the first time, Western markets accounted for more than 70% of total concert attendance, reflecting Hybe’s growing international influence as new artists expand their presence in North America and Europe, according to the report. Despite currency headwinds, concert, merchandise and licensing revenues are expected to reach record levels.
Concert profit outlook
Increased royalty payments to existing artists and initial tour costs for emerging groups are expected to weigh on profit margins, but brokers expect Hy-Vee to maintain double-digit operating profit margins, supported by the scale of BTS’ world tour.
Jiwoo Oh, an analyst at CGS Securities, told CNBC after Hybe’s second-quarter results that while concerts and appearances increase the company’s costs due to increased revenue sharing with artists, the merchandise, content and fan club businesses help boost the company’s revenue significantly.
She also noted that Hybe achieved an operating margin of 11.8% in the second quarter of 2026, with direct revenue from artists accounting for 72% of total sales and concerts alone accounting for 45% of total sales.
“We believe this demonstrates that stadium-scale operating leverage more than compensates for the higher cost base associated with concerts,” she added.
After Hive announced its second-quarter results on July 28, the company’s stock plummeted, wiping out $1.96 billion in market capitalization within 24 hours.
Analysts at the time attributed the selloff to lower-than-expected profit margins, even though sales and operating profits reached record highs.
Rookies step up
The iM Securities report said the profitability of emerging bands such as Katzeai and Courtis in the Western market is likely to be key to reducing the company’s dependence on BTS.
SEOUL, SOUTH KOREA – APRIL 20: CORTIS members Juhoon, James, Sung Hyun, Gono, and Martin attended the media showcase for the group’s second mini-album “Green Green” and title song “Red Red” held at YES24 Live Hall in Seoul, South Korea on April 20, 2026. (Photo courtesy of THE FACT/Imagins, Getty Images)
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Still, iM Securities added that there was better-than-expected demand for BTS’ additional concerts and encore performances in Japan and the Middle East, which could lead to an upward revision of the company’s 2027 revenue forecast.
Kyoshuang, which expects concert revenue to reach 724.4 billion won in the third quarter, expressed optimism about Hybe’s new work, saying, “Along with BTS’ tour, the growth of young artists is becoming more visible.”
According to the brokerage, Courtis sells an average of approximately 600,000 albums per month, indicating strong demand from its fan base, while Katzeai is expanding its presence overseas on the back of global streaming and album performance.
