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HYBE reports best-performing quarter yet

The South Korea-based entertainment giant recorded revenue of KRW 512 billion in the second quarter of 2022

By IQ on 04 Aug 2022

South Korean superstars BTS

South Korean superstars BTS


image © Stephen Lavoie

HYBE (formerly Big Hit Entertainment) has published its financial results for Q2 of 2022, heralding its best-performing quarter yet.

The South Korea-based entertainment giant reported revenue of KRW 512 billion (USD 391 million) in the second quarter of 2022, up 79.7% from the first quarter of this year. While operating income hit KRW 88bn for the three months prior to 30 June.

The record-breaking revenue came from Hybe artists’ album sales, promotion, and concerts, as well as merchandise and IP licensing.

HYBE’s roster of artists includes K-pop superstars BTS, Seventeen, TXT, Enhypen, Le Sserafim, NewJeans and more.

Performances from BTS and Seventeen were major drivers in pushing HYBE’s concert revenue to KRW 85bn (USD 65m) – up 38.6% quarter on quarter.

In February, BTS brought a four-night residency, called Permission to Dance On Stage, to the 65,000-capacity Allegiant Stadium in Las Vegas.

All four dates were broadcast live at the nearby MGM Grand Garden Arena, in what was dubbed a ‘live play’ event, while the final day of their residency was streamed online worldwide.

Performances from BTS and Seventeen were major drivers in pushing HYBE’s concert revenue to KRW 85bn

Seventeen, meanwhile, helped boost HYBE’s concert revenue with two dates at Seoul’s Gocheok Sky Dome (cap. 25,000) in mid-June. These performances were also livestreamed to global audiences.

However, Hybe’s biggest revenue driver in Q2 was its ‘Artist Direct Involvement’ business, which generated revenues of KRW 326bn (USD 249m), up 153.4% year on year.

HYBE’s second biggest revenue source in Q2 was album sales, driven by releases in the quarter from the likes of BTS and Seventeen.

The company’s album sales grew 97.1% YoY, from KRW 107bn (USD 82m) in Q2 2021 to KRW 211bn (USD 161m) in Q2 2022.

HYBE revenues from merchandising and licensing also soared in Q2, by 97.2% YoY, from KRW 50bn (USD 38m) in Q2 2021, to 99 bn KRW (USD 75m) in Q2 2022.

Revenues from HYBE’s ‘Contents’ business, meanwhile, fell 22.6% YoY to KRW 71bn (USD 54m). HYBE also reveals within its investor filing that Monthly Active Users of its fan-community app WeVerse fell by 6% versus Q1 2022.

The WeVerse app, which collates content made by and for HYBE artists such as music videos, teasers, movies, merch sales and even live streams, has been cited by the company as one of the key drivers behind its success during the pandemic.

In spite of seeing its WeVerse MAUs decline, HYBE’s revenues derived from its ‘Fan club etc’ business line grew 96% YoY to KRW 17bn (USD 13m).

 


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