x

The latest industry news to your inbox.


I'd like to hear about marketing opportunities

    

I accept IQ Magazine's Terms and Conditions and Privacy Policy

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.

HYBE reports best-performing quarter yet

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).

 


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.