K-pop juggernaut HYBE delivered its biggest first quarter financial results yet after tripling its concert revenue.

The multi-faceted South Korean entertainment giant posted Q1 takings in excess of KRW500 billion (€308.7m) for the first time, garnering KRW500.6bn in revenue and KRW21.6bn in operating profit for year-on-year increases of 39% and 50%, respectively.

The upturn was driven by a significant increase in earnings from live music thanks to tours by the likes of J-Hope of BTS, Seventeen, Tomorrow X Together, Enhypen and BoyNextDoor. Performance revenue tripled to KRW155.2bn (€95.7bn), compared to KRW44bn for the same period 12 months ago.

“HYBE’s multi-label system has enabled more artist groups to grow to the level where they can successfully carry out world tours, consequently driving the company’s revenue,” says a company statement. “This trend is expected to accelerate further in 2025. Currently, over 150 concerts featuring HYBE artists are scheduled, and additional engagements are anticipated to be added to the calendar in the latter half of the year.

“HYBE plans to engage with fans in regions with limited prior interaction, such as Europe and Latin America, through tours and festivals.”

Revenue from the indirect involvement of artists, including official merchandise, IP licensing, content, and fan club memberships, totalled KRW178.1bn. Merchandise and licensing revenue rose 75% year-on-year to KRW106.4bn.

“Jin of BTS will release his second solo album and launch his first-ever solo tour in June”

The firm also expanded into the Latin market via HYBE Latin America, which saw J-Hope of BTS perform two concerts at the Palacio de los Deportes in Mexico City last month as part of his world tour, plus Seventeen and Tomorrow X Together play Mexico’s leading festivals.

HYBE also announced the launch of new reality TV show Pase a la Fama, which aims to put together a new Mexican band, in collaboration with Telemundo and acclaimed Latin artists.

Its superfan platform Weverse also recently launched a “Listening Party” service, enabling artists and fans to host online gatherings, listen to curated playlists together, and engage in real-time chat.

The company says it anticipates growth in both revenue and operating profit in the second quarter, as most artists under its banner are expected to resume “full-fledged activities”.

“Jin of BTS will release his second solo album and launch his first-ever solo tour in June, while Seventeen, Enhypen and BoyNextDoor are also scheduled to follow suit with their new releases,” concludes its statement, which adds that it is also gearing up to introduce new boy groups in Japan and Korea.

HYBE’s share price is up 6% to KRW267,000 at press time.

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BTS member J-Hope is set to make history by headlining the final night of Lollapalooza 2022 in Chicago’s Grant Park on 31 July.

The performance will see the rapper become the first South Korean artist to ever headline a main stage at a major US music festival.

In addition, K-pop band Tomorrow X Together will make their US festival debut with a performance at the event on 30 July. Both acts are represented by Seoul-headquartered entertainment company BigHit Music.

“Lolla is the place where all music genres live in harmony”

“I’m happy to welcome J-Hope and Tomorrow X Together into the Lollapalooza family,” says Lollapalooza founder Perry Farrell. “These artists have been given great gifts in communication. Their global audience speak different languages but possess an intense passion for their music.

“Lolla is the place where all music genres live in harmony. These are the superstars of the global phenomenon of K-Pop, and we are so excited to have them at this year’s festival.”

Doja Cat had originally been due to close this year’s Lollapalooza, which runs from 28-31 July, but withdrew last month due to throat problems. The four-day line-up will feature more than 170 artists performing across nine stages, including Metallica, Lil Baby, Dua Lipa, Machine Gun Kelly, Glass Animals, J Cole, Kygo, Big Sean, Idles, Green Day, Jane’s Addiction, The Kid Laroi and Charli XCX.

Lollapalooza, which celebrated its 30th anniversary in 2021, is produced by Farrell, WME and C3 Presents.

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