“So the renewal announcement was just media play” — Fans react to HYBE’s “If BTS returns as a full group” statement, sparking uncertainty

On Tuesday, November 5, 2024, news of BTS allegedly not renewing its contract with HYBE went viral online. HYBE's "Q3 2024 Earnings Report" along with a meeting conference call link was posted on its official website.

A segment from the conference call transcript went viral on the Korean online forum, TheQoo, where HYBE CFO, Lee Kyung-joon, stated that there's uncertainty about BTS' comeback in 2026.

Lee Kyung-joon added that the company is still "discussing with the members" about their 2026 activities since five band members are still serving in the military.

"Also, you asked what our sales share would be if BTS were to be active as a full group, but we are still discussing with the members about activities for 2026, so no projections have been made right now."

He continued that despite the band's group activities in 2026, HYBE's revenue will not solely depend on them as the company has other new groups. However, HYBE saw a 98.6% drop in its net profit in Q3 of 2024 seemingly due to BTS' absence. It also had a 25.3% dip in its operating profit.

"Of course, if they come back as a full group, there will be significant sales, but at the same time, we expect that the proportion of sales will not increase as much as in the past because it will be accompanied by the growth of new businesses by our other artists."

The BTS fanbase, ARMY, was baffled by the response as they recalled how HYBE announced renewing the contracts with each member ahead of their respective military enlistment in 2023. Supporters discussed online whether the announcement in 2023 was a "media play" by HYBE to keep fans in the dark.

One ARMY wrote on X:

"So the renewal announcement was just media play"

ARMYs discussed how HYBE has been allegedly trying to portray that they aren't dependent on the biy band to boost profit. Some fans highlighted how the label announced signing contracts with the seven members in September 2023 and confirmed that the group will resume activities in 2025.

"So they think BTS won't sell as much as before cuz they have new artists? hybe themselves have been trying to portray they aren't dependent in BTS anymore for years now and you'll still see the fandom acting like hybe actually cares," one fan wrote.

"Didn't they say that the contracts were signed before joining the military? They are very good at media game. Also, they should have already contacted the stadiums for the tour. This means that there is no progress in renewal. I will pray for taehyung's freedom today too," another fan added.

"Before saying that they would return as a full group in 2025 was a fact, however this time it sounded very doubtful, mmm many things have changed apparently," one other fan noted.

Several fans also speculated that Kim Taehyung aka V and Jeon Jungkook might be the members who haven't renewed their contracts with HYBE. Supporters hoped that Taehyung should part his way with HYBE.

"According to the conference call with hybe report nothing is set for BTS as a group in 2026 so this really can mean someone didn’t renew their contract. If that’s jk, that explains a lot. I hope it’s him. Maybe more than one person and I think the other one would be Taehyung." one fan said.

"Summary- BTS renewed their group contract for 8 years in 2018, where V said he renewed the contract to see members smiling will expire in 2026, and Hybe do not know if they will renew as group. V definitely knows about company & Fandom sabotage he is not going to renew, I can bet," another fan commented.

"And here it is. The IF they come back, followed by the "proportion of sales won't increase as much as the past cause of growth of new business by our other artists". This is Hybe warning, it won't ever be the same. They haven't secure the contracts with bts," one other fan added.

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HYBE faces a 98.6% drop in its Q3-2024 net profit seemingly due to BTS' absence

As per the latest "Q3 2024 Earnings Report" published on HYBE's official website, the company lost over 98.6% in net profit, making only $1 million in revenue compared to 2023. The conglomerate's Q3 consolidated operating profit dropped by 25.4% to 54.2 billion KRW, or around $39.3 million.

As five members have been serving in the South Korean military, the company has been simultaneously` seeing an all-time depletion in its revenue and shares since 2023. However, with the return of the band's eldest member, Jin, in June 2024, the company witnessed a 2.79% overall share increase. He is yet to release his debut solo album, which is slated to be dropped on November 15.

Furthermore, group member Jung Ho-seok aka j-hope was discharged from the military on October 17, 2024, and is yet to resume music activities. Music Business Worldwide reported that with j-hope's return, HYBE saw a 7% spike in its market stock value.

Meanwhile, on November 5, 2024, HYBE made 527.8 billion KRW (about $382 million) from sales, a 1.9% year-over-year (YoY) decrease. Weverse subscriptions increased 31.8% year-over-year (YoY), earning over 204.9 billion KRW (about $148.6 million) compared to 2023.

Meanwhile, HYBE's ongoing controversy over creating an "Industry Trends Report" has harmed its reputation. The internal report allegedly contained disparaging comments against other K-pop groups like BLACKPINK, NCT, Stray Kids, IVE, and more, demeaning them for their looks and appeal. The report was disclosed at the National Assembly Audit on October 24, 2024.

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Regardless of BTS' renewing its contract with HYBE for a third time, band members Kim Namjoon (RM), Kim Taehyung (V), Park Jimin, Min Yoongi (SUGA), and Jeon Jungkook will return in June 2025 from their ongoing military service.