HYBE Achieves All-Time High 2023 Revenue

With sales of promotions with direct involvement of artists, HYBE announced record-breaking third quarter earnings, led by album, concert and streaming revenues.

The company showed a revenue of KRW 537.9 billion and an operating profit of KRW 72.7 billion, which represents a 21% and 20% YoY increase, respectively. It is the highest third-quarter performance by HYBE since its establishment in 2005.

The achievement was fueled by the active role of artists under HYBE labels in both domestic and international scenes. SEVENTEEN, TOMORROW X TOGETHER, ENHYPEN, and LE SSERAFIM have contributed to increasing the revenue of the company, both directly and indirectly, by hosting tours worldwide.

In September, V of BTS became the first Korean solo artist to sell over 2 million copies in the first week with his album Layover. Jung Kook of BTS, carved his name on the list of Billboard Hot 100 for 13 consecutive weeks with his digital single “Seven (feat. Latto),” and ranked fifth in the same chart with his next digital single “3D (feat. Jack Harlow).”

SEVENTEEN sold more than 11 million albums this year, according to the Circle Chart in Korea. In August, the band released their first Japan Best Album Always Yours, shipping an accumulated 750,000 units that received an official triple platinum certification from the Recording Industry Association of Japan.

The results of TOMORROW X TOGETHER’s second Japanese studio album, NewJeans’ second EP Get Up and LE SSERAFIM’s world tour series ‘FLAME RISES’ were also reflected in the Q3 record.

HYBE’s revenue coming from sales of promotions with direct involvement of artists including albums, concerts, and commercials accounted for KRW 382.4 billion. Among them, album and concert revenues showed impressive growth reaching KRW 264.1 billion and KRW 86.9 billion, representing a YoY growth of 104% and 84% respectively.

Revenue achieved from indirect involvement including official merchandise, content, as well as licensing intellectual property tallied at KRW 155.4 billion. The official BTS book BEYOND THE STORY : 10-YEAR RECORD OF BTS, released in celebration of the 10th anniversary of the group’s debut, and tour merchandise of SEVENTEEN and ENHYPEN at their world tours took a huge part in the revenue of promotions with indirect involvement of artists.

HYBE’s global fandom lifestyle platform, Weverse, amassed an average of 10.5 million Monthly Active Users (MAU) in Q3, a 10% increase compared to that of Q2. Also, Weverse Live surpassed a cumulative view of 1 billion.

HYBE label artists will continue their various performances and album activities in Q4 onwards.

Jung Kook of BTS is releasing his first album GOLDEN on November 3 as a solo artist. Andrew Watt and Cirkut, who produced Jung Kook’s megahit summer single “Seven (feat. Latto),” joined his new title track “Standing Next to You,” and top global artists such as Ed Sheeran, Shawn Mendes, DJ Snake, and Diplo also took part in the album.

SEVENTEEN’s 11th EP Seventeenth Heaven, released in October, broke the record in K-pop history for the highest first-week sales, selling over 5 million copies. Along with the band’s ongoing dome tour in Japan that kicked off in September, SEVENTEEN will also host ‘The City’ project, which is a comprehensive experience by installing entertainment activations and events throughout the city. SEVENTEEN will continue their world tour in Bangkok, Bulacan, and Macau until January 2024.

The Name Chapter: FREEFALL, TOMORROW X TOGETHER’s studio album released in October, became a double million seller along with its previous album. The band will wrap up their world tour in December after an encore concert at Gocheok Sky Dome in Seoul.

ENHYPEN will release their fifth EP Orange Blood on November 17, and &TEAM is planning a come-back stage with their first studio album coming out on November 15.

LE SSERAFIM will step further into the global arena with their first English digital single “Perfect Night” released in collaboration with Blizzard Entertainment’s video game ‘Overwatch 2,’ last month.

NewJeans has attracted the attention of global music fans and gamers with “GODS,” a theme song of 2023 League of Legends World Championship.

A HYBE official stated, “HYBE is focusing on expanding its genre and building a diverse music portfolio, which has resulted in a shared growth in streaming and album revenues. The company is also seeking sustainable growth through not only mergers and acquisitions but also through organic approaches such as the ‘The Debut: Dream Academy’ project.”

*Press Release