Does HYBE Still Heavily Rely on BTS Despite Expanding Activities?

HYBE has released its Q2 2025 financial results, posting ₩705.6 billion KRW (approx. $511M USD) in revenue. Of this, 63% came directly from artist activities such as concerts and album sales, even though album sales dipped 8.4% year-over-year.

The concert sector shone brightest, generating ₩188.7 billion KRW —a 31% jump from last year and making up 26.7% of HYBE’s total revenue. Analysts estimate that nearly 40% of this came from BTS member J-Hope’s world tour “Hope on the Stage.” If true, J-Hope alone contributed ₩75.5 billion KRW (~$54.7M), or 10% of total quarterly revenue.

Running from February to June, the tour covered 16 cities, 33 shows, and drew about 500,000 fans worldwide.

Meanwhile, Jin’s post-military solo tour added another ₩60 billion KRW, thanks to sold-out shows across Asia, including back-to-back nights at Tokyo Dome.

Other Groups Add Value, But BTS Still Leads

Beyond BTS, HYBE also profited from:

• SEVENTEEN’s fan meetings in Japan
• TXT and LE SSERAFIM’s world tours

Together, these events drew 1.8 million attendees worldwide, strengthening HYBE’s dominance in K-pop. Still, the numbers pale in comparison to BTS’s impact, highlighting the group’s outsized role in the company’s success.

The Ongoing Diversification Challenge

Since 2022, HYBE chairman Bang Si-hyuk has spoken of building the “Disney of K-pop,” expanding into IP, tech, gaming, and platforms like Weverse. But the company still leans heavily on BTS. While new groups like NewJeans once looked set to lead the next wave, their momentum was slowed by legal disputes with sub-label ADOR.

In the U.S., HYBE America launched KATSEYE with Geffen Records. The group broke into the Billboard Hot 100 with singles Gabriela and Gnarly, but their financial impact has yet to match BTS’s global power.

Experts warn that despite ambitious investments, HYBE remains overdependent on BTS. Unless a new generation of idols rises to match their influence, the company’s dream of becoming a true “Disney of K-pop” may remain elusive.

Sources: K14