HYBE concert revenue surged 40% in 2023

Seoul-based K-pop giant HYBE surpassed annual revenue of KRW 2 trillion (€1.5 billion) in 2023, powered by growth in its concert and album businesses.

Concert revenue soared around 40% year-on-year from KRW 258.2 billion (€178 million) in 2022 to KRW 359.1 billion (€253m) in 2023, with the total number of performances increasing from 78 to 125 during the period.

World tours by Suga of BTS and Seventeen, as well as the first North American stadium and Japanese dome tours by Tomorrow X Together and Enhyphen, contributed to the company’s revenue growth. Le Sserafim also held their first Asia tour with sold-out shows in Seoul, Japan, and Hong Kong.

Overall, the South Korean firm behind BTS scored the highest annual revenue (KRW 2.17 trillion) and operating profit (KRW 295.8bn) since its establishment in 2005, representing a year-on-year increase of 22.6% and 24.9%, respectively.

HYBE has maintained growth of annual revenue of more than 20% each year since going public in 2020

Its three-year compound annual growth rate (CAGR) stands at 31.7% for revenue and 24.7% for operating profit. HYBE has maintained growth of annual revenue of more than 20% each year since going public in 2020.

Album sales were another key driver in the financial results, with HYBE artists collectively selling 43.6 million units last year, doubling the figure from the previous 12 months. Its global fandom platform Weverse also exceeded a monthly active user base of over 10m.

In addition, HYBE America’s management affiliate SB Projects has signed new artists including singer-songwriter Ozuna and rapper Kaliii, last year. SB Projects is forecasting substantial revenue growth for this year with the release of Ariana Grande’s new album in March.

HYBE has also disclosed plans for a cash dividend of KRW 700 won per share, totaling KRW 29.2bn.

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.