HYBE Revenues Soar Thanks to BTS and SEVENTEEN

HYBE has announced a substantial 20.7% year-over-year growth in its third-quarter revenues, reaching a remarkable 537.9 billion KRW (410 million USD). This impressive performance is largely attributed to the strong album sales and the successful world tour of the group SEVENTEEN.

BTS and SVT have had a stellar year

SEVENTEEN has had a stellar year, selling 11 million albums in the first nine months of 2023 alone. Their latest EP, SEVENTEENTH HEAVEN, released on October 23, accounted for 5.1 million copies in just its first week. The group’s popularity also translated into sold-out concerts, with 18 shows across nine Asian cities, including a series of concerts at some of Japan’s biggest venues, drawing in 515,000 fans. In the third quarter, SEVENTEEN‘s two shows at the Tokyo Dome and a concert at Seoul’s Gocheok Sky Dome were particularly notable.

The effect of the BTS members’ solo projects on HYBE’s financial success can’t be overlooked or overstated. V‘s Layover sold 2.1 million copies in the week following its September 8 release. After j-hope‘s debut studio album Jack in the Box topped the iTunes chart in 49 markets, a traditional CD version was released in August. It contained five additional tracks. Agust D, better known as BTS member SUGA, did 28 shows across 10 cities in Asia and North America.

HYBE’s music sales saw a whopping 104.4% increase from the previous year, reaching 264.1 billion KRW (201 million USD), and concert revenue surged by 83.9% to 86.9 billion KRW (66 million USD). However, concert revenue did see a 44.8% decline from the previous quarter. Weverse, HYBE’s fan community platform, increased its monthly active users to 10.5 million in the third quarter, up from 9.5% in the previous quarter and 6.9 million in the third quarter of 2022.

HYBE continues its dominance

The acquisition of the Atlanta-based hip-hop label Quality Control also made a significant impact. With acts like Lil Baby and Migos, Quality Control contributed to 19% of the company’s streaming revenue for the quarter. Country music powerhouse Big Machine Label Group, acquired through the purchase of Scooter Braun’s Ithaca Holdings in 2021, accounted for 27% of the third-quarter streaming revenue. South Korean labels claimed a 54% share.

HYBE’s shares rose by 5.4% to 243,000 KRW (180.89 USD) in early trading on Thursday in South Korea. Other financial highlights include a 21.3% increase in fan club revenue to 21 billion KRW (16 million USD) and a net profit improvement of 5.9% to 98.6 billion KRW (75 million USD), despite a 25.3% decrease in merchandising and licensing revenue to 85.7 billion KRW (65 million USD).

With these robust figures, HYBE continues to solidify its position as a dominant force in the global music industry. – K-Pop News Writer

Featured Image: To say that HYBE is doing well for itself would be an understatement. Source: Yonhap News Agency.