Hybe Announces Company Record-Setting Revenue in Q2
Korean entertainment company Hybe did very well for itself this quarter in spite of a hiatus imposed on the Korean entertainment company’s star player, BTS, the blockbuster K-Pop boy band whose activities are now paused as members carry out their required military service.
Catch me up: Earlier this week, Suga became the third of BTS’ seven members to begin his mandatory 18-month enlistment in South Korea’s military. Previously, J-Hope and Jin both joined the ranks, with Jungkook, Jimin, V and RM still awaiting their departure from civilian life.
That clearly isn’t hampering Hybe’s ability to make some serious dough, though. The company raked in the equivalent of $468.64 million USD in Q2 alone, demonstrating double-digit year-over-year and quarterly increases. In the first half of 2023, Hybe notched a 29% increase, bringing in a total of approximately $1 billion.
More numbers: The increase is attributed to booming album sales from artists signed to Hybe’s record labels, closing 22.7 million units between January and June, a figure that already exceeds the company’s total album sales in all of 2022. Revenue from live performances also expanded 85%, "signaling a gradual return to normalcy in the tour industry," Hybe stated.
And while BTS as a band hasn’t been part of the album pool, all of its members have been actively nurturing solo careers leading up to enlistment. J-Hope, Suga, Jin, RM, Jungkook and Jimin have all released music in the past year, and V announced that a new EP is coming in September.