HYBE reported record quarterly earnings for the second consecutive quarter on November 3, with third-quarter revenue reaching 1.5 trillion won ($1.1 billion) and operating profit totaling 188.5 billion won, both marking all-time quarterly highs. HYBE had previously set quarterly records in the second quarter, when BTS’s tour activities began gaining momentum, with revenue reaching 1.45 trillion won and operating profit totaling 170.9 billion won. Just one quarter later, the company managed to surpαѕѕ both records.

The main driving force behind this quarter’s performance was once again reported to be BTS’s ARIRANG World Tour, particularly its European and North αмєяι¢αn legs during the quarter, which attracted an average of approximately 70,000 attendees per show. During BTS’s North αмєяι¢αn tour, around one million fans visited merchandise (MD) sales locations across 12 cities within just 45 days. A total of two million merchandise items were sold.

Other artists under the company, including ENHYPEN, LE SSERAFIM, KATSEYE, and CORTIS, also contributed through their tours and album releases.

However, the excitement surrounding HYBE’s record-breaking results was quickly overshadowed by CEO Lee Jae-sang’s remarks during a discussion about the company’s future direction. After an audio recording of the discussion circulated on social media, many ARMY expressed dissatisfaction with the way HYBE’s leadership addressed BTS.

CEO Lee Jae-sang pointed out that BTS’s immediate plans remain focused on their world tour through the first half of next year, after which the group and its members will expand their group and solo activities. However, in his remarks, he placed particular emphasis on HYBE’s long-standing “Multi-home, Multi-genre” strategy, which the company has consistently invested in over the years, claiming that the latest financial results serve as concrete evidence of its success.

“Regarding this achievement, what I want to emphasize beyond the numbers is that the 'Multi-home, Multi-genre' strategy, in which HYBE has consistently invested, has borne explosive fruit,” he said. “We will continue not to disappoint expectations through our performance.”

He further added, “Diverse activities and global momentum for all company artists, including BTS, are being prepared without a нιтch,” emphasizing that “HYBE will not settle and will move forward into the future by opening up greater possibilities.”

On the other hand, another remark by the CEO also sparked controversy. Addressing concerns over HYBE’s recent stock performance, Lee Jae-sang said: “The tremendous achievements of BTS members often overshadow the rapid growth of rookie artists.”

These remarks left many fans feeling that the CEO was essentially suggesting that the company could continue performing well without relying on BTS, or that HYBE was making efforts to reduce its dependence on the group and their influence. Many considered his tone insufficiently respectful of BTS’s contributions, especially when the financial figures themselves clearly showed that the group’s ongoing world tour remained a major driving force behind HYBE’s record-breaking performance.

Fans also pointed to what they described as HYBE’s long-standing tendency to prioritize finding potential “replacements” for BTS rather than appreciating the group as its core αѕѕet. During the members’ military service period, they repeatedly accused the company of using media play to position newer-generation artists such as NewJeans and CORTIS as potential acts that could eventually take BTS’s place.

The irony, however, is that HYBE has never truly managed to move beyond BTS’s influence, from its early days as BigHit Entertainment to the present. Even while the members were serving in the military, the company continued to benefit from BTS’s enduring influence through solo activities, its extensive content and IP catalog, fan-focused projects, and the unwavering support of ARMY around the world.

The debate has therefore become increasingly heated. For many fans, diversifying the company’s business is not the issue. What they want is for HYBE to properly acknowledge BTS’s role and value rather than making the group feel like an act the company is actively trying to become less dependent on: 

- I really don't get HYBE. It's so obvious they're frustrated over not finding another revenue source since no one is on BTS's level. But seeing your top group as a roadblock just because nugus can't grow is just plain stupid

- At this point, all 7 of them should just launch their own company together and manage BTS themselves. HYBE is just salty because they can't accept the fact that BTS made themselves

- A lot of things rubs me wrong way here.. that's the reason i never look at any kpopies including those from hybe. BTS and BTS alone for me...

- This ungrateful btch! Bts litterly made them. Instead of worshipping them, they keep saying this bs

- Actually fcck him because this framing is kinda backhanded and is similar to how that fired witch used to frame her success and may they all stay pressed

- I would only believe this "rapid growth" if they never αѕѕociate new acts with anything BTS and still нιт the same milestones. Rapid growth. Don't make me laugh

- BTS is in a league of their own because of who they are, what they create, and the relationship they built with ARMYs. My money follows BTS only… where they are and where they go— I hope Hybe knows that and ARMY

- So this is why they shamelessly are buying the awards for their rookie artists!? Because clearly NOTHING those rookie artists do will ever amount to the level of BTS in this lifetime! No offense to others but BTS earned and will continue to earn everything they deserve!