Hybe Revenue and Profit Growth Are Propelled by Booming Album Sales, Concerts
variety.comPatrick Frater Asia Bureau Chief Hybe, the Korean entertainment group behind BTS, saw revenues and profits both grow by more than a fifth in 2023 as album sales doubled and post-COVID conditions allowed more concerts.
The company Monday reported annual revenues of KRW2.17 trillion ($1.63 billion), up 23% compared with 2022. Net profits reached KRW187 million, more that three times 2022’s depressed result and exceeding 2021’s figure.
The year-on-year profits surge came despite a net loss in the fourth quarter (of KRW53 billion or $39.8 million), albeit a lower figure than in the preceding year.
Hybe artists collectively sold 43.6 million album units in 2023, double the figure from the previous year. Solo albums by BTS members demonstrated strong performance with 8.7 million copies globally while Seventeen achieved cumulative album sales of 16 million.
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