"I Don't Even Care About BTS"... The State Handles the Work, But Profits Go to Netflix and HYBE?

Netflix at a Turning Point for Business Transformation

HYBE’s Best and Most Effective Promotion Ahead of the World Tour

Exclusion of Domestic OTT Remains an Unresolved Issue

A live concert celebrating the release of BTS's 5th full-length album 'Arirang (ARIRANG)' will be held at Gwanghwamun Square in Seoul on the 21st. For those unable to attend in person, the exclusive live broadcast can be viewed through the global online video service (OTT) Netflix. Hosted by HYBE and Big Hit Music, and organized by Netflix and Cheil Worldwide, the event will be simultaneously broadcast in 190 countries around the world. This article examines both the positive and negative aspects of the concert, looking at the potential synergy between Netflix and HYBE through the BTS performance and considering whether there are any downsides amid the festive atmosphere.

On March 19, 2026, at Gwanghwamun Square in Jongno-gu, Seoul, citizens and foreign tourists visiting two days before the comeback performance of the group BTS are taking commemorative photos. Photo by Yongjun Cho

Netflix's Bright Side: A Turning Point for Business Transformation

Netflix experienced explosive growth in 2020 due to the spread of COVID-19, gaining approximately 36 million new subscribers in that year alone. However, its growth momentum has recently slowed. While Netflix surpassed 200 million paid subscribers in 2020 and reached 301.63 million in 2024, the figure stood at 325 million as of the fourth quarter last year. This has led to concerns that Netflix's core business model—binge-watching pre-produced content—has hit its limits. The Wall Street Journal (WSJ) analyzed, "Netflix has declared its goal to reach a market capitalization of 1 trillion dollars (about 1,500 trillion won) by 2030, but that will not be easy," adding, "Not only traditional media companies but also other media are now competing with Netflix."

In November 2024, Netflix exclusively live-streamed a boxing match between American influencer Jake Paul and famous boxer "Iron Fist" Mike Tyson. Netflix homepage

Netflix's new strategic direction is 'live broadcast services.' By securing the broadcasting rights to major events such as sports and concerts, Netflix aims to attract new subscribers while also preventing existing ones from leaving. The path was not smooth from the start. In November 2024, Netflix exclusively live-streamed a boxing match between American influencer Jake Paul and the renowned boxer "Iron Fist" Mike Tyson. The broadcast attracted 60 million households worldwide, but the quality was poor. Some viewers criticized that the live stream froze while Tyson's lower body was exposed.

Nevertheless, Netflix continued to expand its live broadcasting services. In December last year, it live-broadcasted a match between Olympic super heavyweight gold medalist Anthony Joshua and Paul. Netflix even invited sports announcer Bae Sungjae for the domestic broadcast of the event, demonstrating its commitment. This year, Netflix has secured U.S. broadcasting rights for World Wrestling Entertainment (WWE) and Major League Baseball (MLB), as well as Japanese broadcasting rights for the World Baseball Classic (WBC). Netflix has essentially swept the mega live content market related to sports.

For the BTS live concert on the 21st, which marks Netflix's first live concert event in Korea, the company will fully utilize its accumulated content delivery technologies. These include ▲advanced video encoding, ▲traffic-distributed load balancing, ▲triple-failover and multiple disaster recovery systems, and ▲a live-exclusive operational mode, all aimed at providing a seamless live streaming experience.

Through this BTS concert live broadcast, Netflix will acquire secondary rights such as re-editing and video-on-demand (VOD) ownership. Securing core intellectual property (IP) from this performance is Netflix's greatest gain. Since 2024, Netflix has been seeking various business opportunities by leveraging its original content IP, including entering the gaming business.

HYBE's Bright Side: The Best Promotion Before the World Tour

HYBE also stands to benefit from tremendous promotional effects via Netflix. After this concert, BTS will hold 82 concerts in 34 cities across 23 countries, and the Netflix live broadcast allows direct promotion to hundreds of millions of fans worldwide. BTS's fanbase is estimated to be more concentrated overseas than in Korea. According to the 2020 'ARMY Census,' a global fandom population survey led by BTS's fan club ARMY, Indonesia had the largest share of fans (20%), followed by Mexico (10.6%), the US (8.4%), and Peru (5.12%). Korea accounted for only 3.7%.

Yonhap News Agency

There are also expectations that BTS will generate economic effects on par with globally recognized celebrities. The Guardian observed that BTS's world tour could create outcomes similar to 'Swiftonomics,' a term referring to the phenomenon where global star Taylor Swift's visits generate significant local revenues due to her fandom's influx. Similar effects are already being seen at the Gwanghwamun concert. Based on past analysis models, the Korea Culture and Tourism Institute explained that a single BTS concert in Korea generates an estimated economic impact of 1.2207 trillion won.

BTS's comeback is also interpreted as a sign of improved performance for HYBE. While Netflix will acquire the IP for only the Gwanghwamun concert, the rest of the tour's IP remains with HYBE. HYBE's stock price, which fell to 263,500 won on September 30 last year, rose to 405,500 won as of February 13 this year. Kim Youhyuk, a researcher at IBK Investment & Securities, explained, "HYBE's sales this year are projected to increase by 75.1% year-on-year to 4.6394 trillion won, and operating profit is expected to rise by 1,063.7% to 580.6 billion won," adding, "The BTS comeback is expected to significantly improve performance across all revenue sectors, including albums, concerts, and content."

Dark Side: Marginalization of Domestic OTT Platforms

On the afternoon of March 16, 2026, entry blocking facilities for pedestrian safety were installed above the above-ground ventilation structure at Gyeongbokgung Station in Jongno-gu, Seoul, ahead of the full-group comeback performance of BTS. Photo by Jo Yongjun

While Netflix can leverage BTS to acquire new paid subscribers, domestic OTT platforms that lack economies of scale face an increasingly uncertain future. As Netflix further solidifies its monopolistic position in the content market, domestic OTT services are likely to lose their foothold.

On March 4, Assemblywoman Lim Ohkyung of the Democratic Party of Korea questioned Minister Choi Hwi-young of the Ministry of Culture, Sports and Tourism at the National Assembly's Culture, Sports and Tourism Committee regarding the government's emphasis on fostering domestic OTT platforms, asking, "Did you consider the potential opportunity cost to the domestic industry when broadcasting rights for major cultural events were given to foreign companies?" An industry insider commented, "Since BTS is a global phenomenon, it may be difficult for domestic OTTs to take charge," but also expressed disappointment, saying, "The growth of domestic OTTs has stagnated, and there has been little public discussion about competing in the global market."

Meanwhile, there is growing discontent over the full mobilization of national administrative resources for a concert organized by a private company. On the day of the concert, the police will deploy 72 riot squads and 6,759 officers, and traffic will be controlled on roads near Gwanghwamun, including Sejong-daero, Sajik-ro, and Saemun-an-ro. Subway stations such as Gwanghwamun, City Hall, and Gyeongbokgung will implement measures such as non-stop service and station closures to manage crowds and ensure safety. The Seoul Metropolitan Government will also deploy 350 civil servants as safety management personnel. On online communities, some civil servants anonymously vented their frustration, saying, "Are we slaves? Enough is enough."

Seoul City and the police have designated 31 buildings around Gwanghwamun Square for intensive management, restricting public access. For example, guests attending a wedding at the Press Center in Jung-gu, Seoul, on the day of the concert will have to go through additional security procedures, such as metal detectors and hand scanners. Lee, a 38-year-old man working near Gwanghwamun, said, "Even before the concert, prohibitions on rooftop access and other restrictions have made commuting extremely inconvenient. Frankly, I'm not interested in BTS or other celebrities, so I don't understand why I have to make these sacrifices."

This content was produced with the assistance of AI translation services.