Jungkook's Solo Song 'Seven' Tops Billboard Hot 100
HYBE Offsets Risks with BTS Members' Solo Success
HYBE's Performance Outlook Brightened by BTS 'Trickle-Down Effect'
BTS Jungkook has conquered the Billboard charts. On the 24th (local time), Jungkook's "Seven" topped the Billboard Hot 100 chart. Released on the 14th, "Seven" debuted at number one on the Billboard chart in its first week. Jungkook expressed his feelings, saying, "Let's go higher."
The Hot 100, a singles chart, is the most core chart of Billboard, the world's most prestigious popular music chart. This is the eighth time in history that a Korean artist has reached number one on the Billboard Hot 100. Previously, BTS as a complete group had six number-one hits, and BTS member Jimin had one solo number one.
The market views Jungkook's achievement as an important momentum for his agency HYBE. It symbolizes that the U.S. market now naturally consumes K-pop. Lee Hwajeong, a researcher at NH Investment & Securities, said, "HYBE's lineup has secured recognition among Western audiences." In fact, five of the top 10 CD sales in the U.S. in the first half of this year were albums by HYBE artists.
BTS Doing Well as Solo Artists Too
BTS temporarily suspended group activities after their last concert in Busan in October last year, as members Jin and J-Hope enlisted in the military one after another. Concerns about military service risks quickly dissipated as each member proved themselves through solo activities. Jimin was the first to open the door, becoming the first Korean solo artist to top the Billboard Hot 100 with "Like Crazy." Then Suga made his mark on the U.S. market through albums and concerts, selling out all 23 shows across nine cities in Asia and North America, attracting over 270,000 attendees.
Jungkook's achievements are also remarkable. "Seven" surpassed 100 million streams on Spotify, the world's largest music streaming platform, in just six days, the shortest period ever. It has held the global number one spot for 10 consecutive days. It also reached number three on the UK Singles Chart, which is considered harder to break into than Billboard. BTS's highest ranking on the UK chart was number three with "Dynamite," "Butter," and "My Universe," the same as Jungkook. Considering Jungkook's high individual popularity as BTS's main vocalist and a "hexagon member" known for his dance, singing, and visuals, many see this near-group-level success as evidence that BTS's fan base has broadened overall.
BTS's Spillover Effect... Bright Q2 Earnings
With BTS breaking into the North American market and members' solo activities succeeding, a "spillover effect" is also benefiting other HYBE artists. Notably, NewJeans, which just celebrated its first anniversary since debut, entered the Billboard Hot 100 at number 66 with their new song "Super Shy," marking their personal best. As NewJeans' marketability grows, global companies such as McDonald's, Apple, Nike, and Coca-Cola have eagerly selected them as advertising models. They are also favored by luxury brands, with all five members serving as luxury brand ambassadors.
Additionally, the multi-label (record planning company) that is growing alongside BTS's spillover effect is realizing "economies of scale." HYBE sold 22.2 million albums in the first half of this year, capturing a 40% share of the domestic market. Following record-breaking first-quarter results (4.106 billion KRW in sales and 525 million KRW in operating profit), second-quarter sales are expected to reach 6.062 billion KRW with an operating profit of 725 million KRW. Lee Namsu, a researcher at Kiwoom Securities, said, "The risk from the absence of BTS group activities is offset by the growth of the artist lineup including BTS soloists, SEVENTEEN, TOMORROW X TOGETHER, and NewJeans," adding, "They are building a multi-label system and continuously announcing additional growth stories such as debuting new artists and acquiring global labels."
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