Netflix invests over 10 billion won on BTS comeback show, HYBE retains IP rights

▲ K-pop group BTS performs during a free comeback concert at Gwanghwamun Square in Seoul on March 21, 2026. (Yonhap)

SEOUL, March 23 (Yonhap) -- Behind the free comeback concert by BTS held at Gwanghwamun Square in Seoul on Saturday was a major deal between streaming giant Netflix and the group’s agency Hybe. Hybe has BTS' label BigHit Music under its wing. 

According to industry sources on Sunday, Netflix is believed to have covered the entire production cost of the concert, estimated to be in the tens of billions of won.

Neither Netflix nor Hybe has officially disclosed the budget. However, BTS’s large-scale free concert in Busan in October 2022 reportedly cost around 7 billion won. Considering rising labor and material costs, as well as the unique challenges of staging the event in central Seoul, the latest production is estimated to have far exceeded that figure.

▲ K-pop group BTS performs during a free comeback concert at Gwanghwamun Square in Seoul on March 21, 2026. (Yonhap)

Typically, when Netflix funds a production, it also secures rights to the content. However, in this case, Hybe is said to have retained core rights to the artists’ music and performance content.

Instead, Hybe granted Netflix the global broadcasting rights for BTS’s highly anticipated comeback concert, while keeping ownership of related intellectual property (IP).

This “big deal” was the result of negotiations between the two companies. Hybe had been exploring global platforms capable of streaming the Gwanghwamun concert worldwide and viewed collaboration with Netflix—the world’s largest OTT service—favorably due to its robust infrastructure.

Initial talks, however, reportedly stalled. The breakthrough came through Hybe America, which leveraged its local network in the United States.

Hybe America communicated directly with Ted Sarandos, helping to restart negotiations and ultimately secure Netflix’s large-scale investment.

▲ K-pop group BTS performs during a free comeback concert at Gwanghwamun Square in Seoul on March 21, 2026. (Yonhap)

The Gwanghwamun concert was streamed live to more than 190 countries via Netflix. As a result, not only BTS’s new album "Arirang" but also Korean cultural landmarks such as Gwanghwamun and Gyeongbokgung—featured as the stage backdrop—gained global attention among ARMY fans and viewers worldwide.

Indeed, social media platforms were flooded with posts from international fans sharing photos taken around Gwanghwamun after attending or watching the concert.

An industry insider commented, “This Gwanghwamun concert represents a new model of ‘Korea marketing’—collaborating with a global platform to showcase BTS as a mega IP while simultaneously promoting Korea’s cultural heritage to the world.”

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