Seoul: South Korea's K-pop powerhouse Hybe reported record-breaking second-quarter revenue fueled by successful global tours and a steady demand for music and album sales.
According to Yonhap News Agency, Hybe's revenue increased by 10.2 percent from the previous year, reaching 705.7 billion won (US$507.5 million), setting a new high for the April-June period. The surge in revenue was attributed to expanded global tours and solo concerts by artists such as BTS members Jin and J-Hope, Seventeen, Tomorrow X Together, and Le Sserafim.
The company saw a 29.5 percent rise in operating profit to 65.9 billion won, although this fell short of the 67.8 billion-won market expectation compiled by Yonhap Infomax, Yonhap News Agency's financial data service. Net profit experienced a significant increase of 53.5 percent, reaching 15.5 billion won.
Artist-related sales, which include concerts, albums, and music, amounted to 447.9 billion won. Concert revenue saw a 31 percent year-on-year rise to 188.7 billion won, while album and music sales decreased by 8.4 percent to 228.6 billion won. Hybe described this as a "stable" performance amid a broader slowdown in the K-pop album market.
In terms of merchandising, licensing, and fan clubs, sales reached 258.7 billion won. Merchandise and licensing revenue grew by 40 percent to 152.9 billion won, and fan club revenue increased by 46 percent to a record 34.6 billion won.
Hybe's K-pop fan community platform, Weverse, demonstrated strong user growth, with average monthly active users (MAUs) hitting 10.9 million in the second quarter. MAUs peaked at 12 million in June, coinciding with the completion of military service by all BTS members.
During the Q2 earnings conference call, Hybe CEO Lee Jae-sang stated, "Hybe is making meaningful changes based on three pillars: music, platforms and tech-based future growth businesses. We will continue to lead the paradigm shift in the global music industry and drive innovation that connects fans and artists."