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Responding to the question of BTS activity plans, "The company is doing well even without BTS?" A complete summary of the HYVE earnings call controversy.
2026.11.05 10:48
The CEO's attitude in response to a question about BTS activity plans during HYVE's Q3 2026 earnings call is causing controversy. We have summarized the record-breaking performance, a net profit of 11.3 billion won, and the reactions of shareholders and ARMY all at once.
The hottest topic these days in stock communities and among ARMYs is none other than the HYBE earnings call 🔥
Even though we posted record quarterly results, the atmosphere actually turned cold after the announcement.
The analyst asked a perfectly obvious question, but both the 'tone' and 'content' of the response came under fire simultaneously. 😭
I'll go over what happened step by step from the beginning!
1. What was the question an analyst asked about BTS? 💡
A researcher from Hana Securities took the microphone for the first part of the Q&A.
Saying, "I have no choice but to ask you about BTS," the content they brought up was as follows.
BTS has been active since April of this year, and according to the official announcement, their schedule is only set until the second quarter of next year.
Therefore, earnings forecasts are projected to decline in the second half of next year, assuming a hiatus in BTS activities, and the stock price is already reflecting this in advance.
Are there any plans for additional performances or unit/solo activities in the second half of next year?
Whether there will be a next comeback in 2028–2029 after the tour ends
If it is difficult to disclose that, could you at least let me know if there is some leeway in the contract period?
It was a question that accurately hit the mark of what both investors and fans were most curious about.
They say everyone was listening intently, especially since the 'contract renewal' issue was at stake.
2. The reply I got back: 'Nowhere tells you the plan for a year from now' 😮
However, the atmosphere was strange from the very first word of the answer.
He started by saying, "Today's question is one that I have been receiving for the past six years."
Here is a summary of the main points of the answer 👇
Tours can disclose schedules up to 6 to 9 months in advance due to ticket sales and ancillary businesses.
However, there is no place in the global music market that announces album or activity plans a year in advance.
A plan for one year from now is practically a meaningless outlook.
I wish analysts would explain it that way when meeting investors as well.
Even if you don't know the specific activities, please trust the record HYBE has built.
Additional concerts for the Arirang World Tour are scheduled to be announced.
Preparing for group and solo activities after the world tour ends
In the end, it effectively amounts to not answering the key questions regarding whether there would be a comeback in 2028 or 2029 and the contract period.
There were many reactions saying that the claim of "preparing for group and solo activities after the tour" was just an excuse, as there was absolutely no timing or form to it.
3. ARMYs enraged by remark 'We're doing well even without BTS' 🔥
What really ignited the fire was the next remark.
When BTS members enlisted in the military in early 2023–2024, the market predicted the company would go bankrupt.
People asked how we could survive when BTS accounted for over 80% of our revenue, but we grew in both 24 and 25.
For the past seven years, we have been working to reduce our dependence on BTS (avoid risk) through a multi-label and multi-genre approach, including Cat's Eye, Santos Bravos, ENHYPEN, TXT, Cortis, and N-Team.
Please view HYVE as a multi-label, multi-artist company.
This part really tugged at the ARMYs' hearts 😭
The reaction was that the statement "we tried to reduce our dependence on BTS" sounded like treating BTS as a risk.
Criticism that even during the military hiatus, performance was ultimately sustained by BTS IP, such as members' solo albums, exhibitions, and documentaries.
It is disappointing that, despite the BTS tour driving this quarter's record performance, they seem to be distancing themselves from us rather than showing gratitude.
4. Shareholders are also exploding because of the 'tone of voice' 😤
The shareholders were as captivated by the attitude as by the content.
You can really feel the atmosphere just by looking at the reactions posted on the stock community.
He acted annoyed at the natural question, but didn't actually give a satisfying answer.
This is the first time I've seen a CEO fight with shareholders during an earnings call.
Do CEOs in the entertainment industry usually speak this harshly?
It was scary listening to the earnings call; they look quite nervous.
While I understand the frustration of receiving the same question for years, the general consensus was that it is not right to vent that frustration directly at the questioner.
They say the atmosphere became even more volatile as the stock price also showed weakness in the low 150,000 won range following the announcement.
5. Only sales grew, but the profit is 11.3 billion won 😭
The company emphasized that it achieved 'record quarterly results,' but the shareholders' reaction was cold.
Compared to the scale of sales, the actual money left in my hand was too little.
Sales: 1.5257 trillion won
Operating profit: 188.5 billion won
Net profit: 11.3 billion won
Net profit margin: Approximately 0.7%, less than 1%
Selling 1.5 trillion won worth of stock and making a profit of only 11.3 billion won—it's no wonder people say it's a report card that is flashy on the outside but empty on the inside.
The more bitter thing is The fact that BTS even boosted that sales are you.
Concert revenue reached 726.8 billion won, an increase of approximately 197% driven by BTS's Europe and US tours.
334.6 billion won in MD and licensing, over 2 million MD units sold during BTS's 45-day North American tour
Thanks to BTS, we increased sales but couldn't make a profit, and now we are in a situation where we can't even talk about BTS's next plans.
Large corporations usually present a 2- to 3-year plan as a baseline and look 10 years ahead.
I think they should have at least shown some direction, rather than an answer that was unclear whether it was a secret or just a plan.
If, as the CEO claims, the company is thriving even without BTS, I think it is time to prove it with numbers from other artists and actual net profit, rather than just words. ✨
💡 Frequently Asked Questions (Q&A)
Q. Why did the HYBE earnings call become controversial?
A. This is because when asked about BTS's activities in the second half of next year, a comeback after 2028, and their contract period, they responded in a sharp tone without giving specific answers, saying, "No one tells you what the plans are for a year from now."
Q. What are HYVE's future plans for BTS?
A. They only revealed that they plan to announce additional performances for the Arirang World Tour and are preparing for group and solo activities after the tour ends.
Q. Why are ARMYs angry?
A. BTS was the driving force behind the record-breaking performance, so it was disappointing that the company portrayed BTS as a risk while emphasizing that it had "sought to reduce its dependence on BTS."
Q. How were HYIVE's Q3 2026 earnings?
A. Sales reached 1.5257 trillion won and operating profit reached 188.5 billion won, marking a quarterly high, but net profit was only 11.3 billion won due to foreign exchange valuation losses.
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