The anticipated full comeback of BTS, initially expected by 2025, may be delayed. Although individual members have been active with solo projects during their military service, nothing can truly compare to the influence and significance of a complete BTS group. HYBE, facing slowed growth, is eagerly awaiting BTS’s return as a group.

During HYBE’s Q3 earnings call on November 5, CFO Lee Kyung Joon commented on BTS’s future activities and their projected impact on revenue, stating, “We are currently in discussions with the members about activities in 2026.”

Lee added, “While a full group comeback would generate considerable revenue, we expect it will not account for as high a share of our earnings as in the past, as our other artists and new ventures are also contributing to growth.”

Since their anthology album in June 2022, BTS has focused on solo projects, with the eldest member, Jin, enlisting in December 2022, marking the start of their military hiatus. At that time, BigHit Music expressed hopes for a full group comeback by 2025, though noting it was too early to set a definite date.

Following Jin, members J-Hope, Suga, RM, V, Jimin, and Jungkook each enlisted, increasing the members’ temporary absence from group activities. Nonetheless, HYBE filled the gap with solo releases from the members and renewed their contracts with BTS in September 2023, boosting hopes for a future full-group return.

As Jin completed his service this past June, the end of the BTS military hiatus started to come into view. Immediately following his discharge, he held a fan meeting and even participated as a torchbearer for the 2024 Paris Olympics. He is set to release his first mini-album ‘HAPPY’ on November 15. J-Hope, who discharged in October, has also reentered the public eye, participating in events like a ceremonial baseball pitch.

However, there is still time before Suga, RM, V, Jimin, and Jungkook can return. RM and V, who enlisted on December 11, 2023, followed by Jimin and Jungkook, will complete their service on June 10 and 11, 2025, respectively. Suga, currently serving as a social service agent, will finish his duties on June 21, 2025. Given these timelines, the company and members were hopeful for a full comeback in 2025, as were fans. But CFO Lee’s mention of “discussions around 2026 activities” now suggests that the full BTS group might not reunite in 2025 after all.

The recent legal troubles surrounding Suga, who was fined for riding an electric scooter under the influence, add another complication. Although there has been no indication that he will leave the group, divisions have appeared within the fan base, with some calling for his removal and others supporting the full seven-member lineup. Resolving this discord is another challenge that must be addressed for a successful group return.

HYBE’s CFO had previously noted in a Q4 2022 earnings call that BTS accounted for 60–65% of HYBE’s revenue. With BTS’s enlistment, HYBE anticipated that revenue from BTS would decrease and that other artists would need to contribute more to offset the impact. Though HYBE saw record-high revenue and operating profits in 2023, its growth has recently slowed. For Q3 2024, HYBE reported an operating profit of 54.2 billion KRW, a 25.4% drop year-over-year, while net profit plunged by 98.6% to only 1.4 billion KRW, citing losses from other investments and foreign exchange as primary reasons.

Even with the expected decrease in BTS’s revenue share upon their return, a full BTS comeback would still greatly benefit HYBE. As the agency faces both internal and external challenges, the timing of BTS’s return as a group is more eagerly anticipated than ever.

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