HYBE's Latest Revenue Report Shows Why the Grammys No Longer Matter to BTS

 

On the 29th, all seven BTS members surprised fans by simultaneously posting the same message on their personal social media accounts: "We've decided not to submit our work for this year's Grammy Awards."

Many analysts believe the decision is connected to the Recording Academy's newly introduced Best Asian Pop Music Performance category. Within the music industry, critics have argued that separating K-pop—and Asian music as a whole—into its own category effectively creates a new "wall" that prevents Asian artists from competing on equal footing.

However, BTS did not directly mention the new category or provide a specific explanation for their decision not to submit their work. Instead, through the statement, "We hope music will recognized and loved for what it is, rather than being divided by region or language," the group subtly conveyed the reasoning behind its decision. Ironically, BTS have just demonstrated how powerful music can be when it is embraced purely for its artistic value through the remarkable figures revealed in HYBE's latest second-quarter earnings report.

According to HYBE's newly released financial results for the second quarter of 2026, the company posted 1.45 trillion KRW (approximately $1.018.169.120) in revenue, representing a 105.5% increase year over year. Operating profit also climbed to a record 170.9 billion KRW (approximately $120.003.519), up to 159.3% from the same period last year.

HYBE stated that this marked the first time its quarterly revenue had surpassed 1 trillion KRW (approximately $702.069.800), while operating profit exceeded 100 billion KRW (approximately $70.201.090) for the first time. Net profit soared 613% to 109.8 billion KRW (approximately $77.080.797), and the company's first-half revenue surpassed 2 trillion KRW (approximately $1.043.972.600) for the first time in its history.

The company attributed this unprecedented growth primarily to BTS's comeback with its fifth album studio, ARIRANG, in March and the launch of the ARIRANG World Tour in April.

Upon its release, ARIRANG debuted at No. 1 on the Billboard 200, becoming BTS's seventh chart-topping album. Its title track, "SWIM," simultaneously debuted at No. 1 on the Billboard Hot 100, giving the group its seventh Hot 100 chart-topper. Even more remarkably, ARIRANG remained at No. 1 on the Billboard 200 for three consecutive weeks, becoming the first K-pop album in history to achieve the feat. Billboard noted that it was the first album to spend its first three weeks at No. 1 immediately after release since Taylor Swift's "The Life of a Showgirl."

Alongside the album's overwhelming success, the ARIRANG World Tour has become a global phenomenon. Spanning 88 concerts across 34 cities on five continents, it is currently the largest world tour in K-pop history. According to Billboard, the tour generated 315.8 billion KRW (approximately $221.643.693) in cumulative revenue within just two months of its launch. The first eight show alone—in Goyang, Tokyo, and Tampa—grossed US$76.2 million, propelling BTS to No. 1 on Billboard's Top Tours chart.

The numbers continued to climb in the following months. The North American leg attracted 840.000 concertgoers, with every show selling out completely. The recently concluded European leg drew another 717,000 attendees, while BTS's two concerts in Paris welocmed 92,000 fans each night, setting a new all-time attendance record for a BTS concert. Every show on the European leg also sold out during the initial ticket sale.

Beginning in the second quarter, as revenue from BTS's stadium and dome tour began flowing in, HYBE's growth accelarated dramtically. By business segment, live perfomances generated 647.7 billion KRW (approximately $454.705.090), whie album and digital music sales contributed 326.8 billion KRW (approximately $229.426.737). Merchandise (MD) and licensing—which naturally benefited from concert activity—also reached a record 310.6 billion KRW (approximately $218.052.164), the highest in the company's history.

Faced with these extraordinary figures, industry experts have coined the term "BTS-nomics," drawing comparisons to Taylor Swift's widely discussed "Swiftnomicss." Reuters projected that the ARIRANG World Tour could ultimately gross around US$1.8 billion (approximately KRW 2.561.076.000). Bloomberg offered an even more optimistic forecast, suggesting the tour could reach US$2.2 billion (approximately KRW 3.128.906.000), placing it on par with the total revenue generated by Taylor Swift's The Eras Tour.

HYBE and the Hyundai Research Institute went even further in their analysis, estimating that the combined direct revenue from BTS's comeback and world tour—together with indirect economic ripple effects and increased national brand value—could generate an astonishing 92.7 trillion KRW (approximately $65.151.849.690) in total economic impact. What was once discussed primarily as a media buzzword has now been substantiated by the concrete figure presented in HYBE's second-quarter financial report.

Against this backdrop, a quote from Forbes journalist Bryan Rolli has resurfaced and is once again being widely shared across social media. In his article, "BTS's 2020 Grammys Shoutout Reveals the Recording Academy's Cultural Blindspt," Rolli famously wrote: "As BTS continue smashing records and the Grammys continue to lose relevance, who really need who?"

While BTS continue selling millions of albums, topping the Billboard charts, selling out stadium tours around the world, and generating tens of billions of dollars in economic value, the Grammy have increasingly faced criticism in recent years of overlooking critically acclaimed album, favoring certain genres, lacking diversity, and repeatedly generating controversy in their most prestigious categories.

The Recording Academy has repeatedly been accused of overlooking some of the world's most influential artists. When a major awards institution consistently fails to recognize the musicians shaping today's global music landscape, it inevitably raises questions about whether it can still truly represent the global music industry. Meanwhile, the music business itself has fundamentally changed. Streaming has erased geographical boundaries, and artists who do not primarily perform in English are now capable of dominating the global market. Yet critics argue that the Recording Academy continues to evaluate music through an outdated lens centered largely on the U.S. cultural bias. 

At this point, Bryan Rolli's question seems to answer itself. Perhaps BTS's latest decision—not to submit their work for Grammy consideration at all—has become the clearest and most powerful response of all.