HYBE’s Q2 Profits Dive Amidst Growth in Revenue

HYBE Corporation, the South Korean entertainment giant behind global sensation BTS, has reported a significant decline in its operating profits for the second quarter of 2024, despite a modest increase in overall revenue.

The company revealed that its revenue for the period reached 640.5 billion KRW, marking a 3.1% year-on-year growth. However, its operating profit contracted by a substantial 37.4% to 50.9 billion KRW compared to the same period in 2023. The net profit also experienced a steep drop of 85.9%, falling to 16.5 billion KRW.

HYBE attributed the decline in profitability to increased investments in various new projects and the expansion of its artist roster. The company, however, expressed optimism about a recovery in the coming quarters, citing a robust lineup of activities planned for its artists. These include Jin (BTS)’s solo album, SEVENTEEN’s new album and world tour, as well as the highly anticipated NewJeans world tour set for next year.

“We believe that our profits will improve from the third quarter onwards,” said HYBE’s representative, adding that the company is confident in the long-term growth prospects driven by its diverse portfolio of artists and strategic investments.