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CNBC AI · 2026/7/29 07:26:43

BTS' concerts have been so successful, it’s now bad for its own agency’s shares
AI 中文解读
BTS的演唱会越卖座,其经纪公司HYBE的股价反而跌得越惨。这场看似矛盾的资本剧情,核心在于演唱会收入虽然创下历史新高,但利润率远不如卖周边、做联名这类轻资产生意,导致公司整体盈利未达市场预期,两天内市值蒸发近两千亿美元。
简单来说,就像一家餐厅虽然客人爆满,但大家只点最便宜的菜,老板赚不到钱。HYBE靠BTS演唱会赚得盆满钵满,然而分析师原本期待的是卖高价演唱会周边和IP衍生品来撑起利润,结果实际收益却低于预期,投资者失望抛售,股价创下近一年新低。
对普通粉丝而言,这说明了偶像经济背后的商业逻辑:你花大价钱买演唱会门票,公司可能还赚得不多;但只要买一件官方T恤或数字专辑,反而对经纪公司股价更有利。这也提醒了娱乐产业,光靠巡演IP重资产赚钱并不稳,打造高利润的衍生生态才是长久之道。
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EntertainmentBTS' concerts have been so successful, it’s now bad for its own agency’s sharesPublished Wed, Jul 29 20261:01 AM EDTUpdated An Hour AgoLim Hui Jie@in/hui-jie-lim-a7371176/WATCH LIVEKey PointsDespite a record revenue and operating profit in its second quarter results powered by BTS, shares of agency Hybe saw as much as 2.845 trillion won ($1.96 billion) wiped from its market cap.Shares of Hybe tanked 16.09% on Tuesday, marking its worst day since June 2022. It then extended losses to tumble as much as 16.31% on Wednesday to its lowest since September 2024.Analysts said that as concert revenue was lower margin, this affected Hybe's profitability and fell short of market expectations, which expected growth to be led by higher margin merchandise sales.EAST RUTHERFORD, NEW JERSEY - JULY 19: RM, Jin, Suga, J-Hope, Jimin, V and Jung Kook of BTS perform during the Topps Final Halftime Show in the FIFA World Cup 2026 Final match between Spain and Argentina at New York New Jersey Stadium on July 19, 2026 in East Rutherford, New Jersey. (Photo by Carl Recine/Getty Images)Carl Recine | Getty Images Sport | Getty ImagesDespite the success of BTS powering South Korea's largest K-pop agency Hybe to a stellar set of second quarter results, the agency saw as much as 2.845 trillion won ($1.96 billion) wiped from its market cap in less than 24 hours.Shares of Hybe tanked 16.09% on Tuesday, marking its worst day since June 2022. It then extended losses to tumble as much as 16.31% on Wednesday to its lowest since September 2024.The stock move was triggered by a miss in profit-margin expectations despite revenue and operating profit reaching record highs, according to analysts. (function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document
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