[Click e Stocks] HYBE, Concerts Are Resuming

[Asia Economy Reporter Junho Hwang] Samsung Securities maintained the target price of HYBE at 440,000 KRW, expecting benefits from the reopening.

With the reopening, face-to-face concerts and fan meetings are expected to fully revive. As both online events and the offline market normalize, higher profitability is anticipated through hybrid performances. Related revenue models include offline ticket sales, live viewing (theater), online streaming, merchandise, DVDs, and more.

BTS kicked off their overseas tour starting with four shows in Los Angeles, USA, last November. This month, they held three shows in Seoul (45,000 attendees offline, 1.4 million live viewing, 1.02 million online streaming), and four shows in Las Vegas, USA, are scheduled for next month. SEVENTEEN began offline fan meetings in Seoul this month and will hold a two-day face-to-face fan meeting 'HANABI' in Japan in May.

In the previous earnings announcement, all affiliated artists including SEVENTEEN, TXT, and ENHYPEN revealed plans for offline performances, so domestic and international offline concerts are expected to be confirmed one after another along with new album releases. BTS is also highly likely to conduct additional tours. Samsung Securities expects concert revenue this year to increase by 722.3% compared to last year, reaching 372.4 billion KRW.

HYBE will also pursue various new growth businesses starting from the second quarter of this year. They will launch Weverse 2.0 (integration of Weverse and V Live), release their own new game in June, and expand revenue sources based on artist IP through collaborations with Dunamu, including original story projects. Starting with Source Music's rookie girl group 'LE SSERAFIM' in May, three groups are scheduled to debut domestically and internationally.

Minha Choi, a researcher at Samsung Securities, maintained a 'Buy' rating and stated, "With businesses centered on labels, solutions, and platforms, HYBE is expected to further strengthen its position within the entertainment market."