This photo shows the headquarters of Hybe, the Korean entertainment agency behind supergroup BTS, in Seoul on Feb. 10, 2023. (Yonhap)
SEOUL, April 29 (Korea Bizwire) – Hybe, the K-pop powerhouse behind BTS, reported a 50 percent year-on-year rise in its operating profit for the January-March period, largely driven by its artists’ expanded global tour activities, the company said Tuesday.
Sales rose 38.7 percent to a record 500.6 billion won (US$348 million) for the quarter, marking its highest first-quarter performance ever. Net profit surged nearly 400 percent to 55.3 billion won.
The company attributed the strong sales growth to active world tours and solo concerts by its artists, including BTS’ J-Hope, Seventeen, TXT, Enhypen and Boynextdoor.
Hybe emphasized the significance of its achievement, as the first quarter is traditionally a quieter period in the industry when artist typically recharge and prepare for new releases. The company also noted a growing roster of its groups has reached the scale and maturity needed to conduct successful world tours.
During the first quarter, sales directly involving artists reached 322.5 billion won, accounting for 64 percent of total sales. While album and streaming sales saw a slight year-on-year dip, concert revenue more than tripled to 155.2 billion won.
Sales from merchandising, licensing and fan clubs totaled 178.1 billion won, making up the remaining 36 percent.
The company forecast continued positive earnings for the second quarter, fueled by a slew of artist activities, including BTS member Jin, who is scheduled to release his second solo album “Echo” on May 16. In June, Jin is set to embark on his first solo tour, “#RunSeokjin_Ep. Tour.”
Seventeen will release its fifth studio album, “Happy Burstday,” next month to celebrate the 10th anniversary of its debut.
In addition, Hybe plans to debut its new Japanese group, aoen, on June 11, and a new boy group under its BigHit Music label in the third quarter.
(Yonhap)
