HYBE Achieves Record-Breaking 1 Trillion Won Half-Yearly Sales with Unprecedented Growth in Album and Concert Sectors
HYBE has ushered in an era of 1 trillion won in half-yearly sales. It marks consecutive milestones in the album and concert sectors.
In the first half of 2023, HYBE reported sales of 1.316 trillion won and operating profit of 133.9 billion won on August 8th. Sales increased by 29.4% compared to the same period last year, and operating profit increased by 6.8%. Net profit for the first half of the year grew by 8.4% compared to the same period last year, reaching 140.4 billion won.
The Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached 178.5 billion won. Adjusted EBITDA increased by 3.9% compared to the same period last year, indicating a continuous upward trend in cash generation.
Breaking the 1 trillion won mark in half-yearly sales is an all-time high since HYBE was founded. Operating profit, net profit, and Adjusted EBITDA are also at their highest levels for a half-year period.
The growth in the album sector played the biggest role in achieving the highest-ever half-yearly performance. HYBE artists’ album sales in the first half of the year reached 22.7 million copies, exceeding last year’s annual album sales (22.2 million copies) by more than 500,000 copies. The first half-year sales alone exceeded the annual sales record from the previous year.
In the second quarter, sales reached 621 billion won, with an operating profit of 81.3 billion won. During the same period, Adjusted EBITDA was 106.4 billion won, and net profit was 117.4 billion won. A detailed breakdown of sales shows that the album segment, classified as direct participation, accounted for 245.9 billion won, while the performance segment accounted for 157.5 billion won, overwhelmingly dominant.
The concert sector showed remarkable growth in the second quarter. Concert sales increased by 85.4% compared to the same period last year. This growth was driven by the world tours of BTS’s SUGA and TXT, as well as SEVENTEEN’s fan meeting. The increase in concert sales also resulted in a boost in sales of tour-related merchandise.
Operating profit for the second quarter slightly decreased from the previous year. This was thanks to the continued investment in BTS’s 10th debut anniversary FESTA and the WeverseCon festival, both of which received high praise for “generously investing for the fans.”
The sales of US-based QC Media Holdings, which HYBE acquired in March, are also reflected in HYBE’s consolidated results starting from the second quarter. QC Media Holdings artists are considered strong players in the US hip-hop market and consistently demonstrate strong performance in the streaming sector.
Weverse has solidified its position as a ‘daily platform’ for fans both domestically and internationally. As a result, it exceeded 100 million downloads in June and achieved a milestone of 10 million Monthly Active Users (MAU) in July.
Source: Daum.
