Amid Dispute With Min Hee-jin, HYBE Remains Profitable In First Half Of 2024 Thanks To SEVENTEEN & ILLIT

On May 2nd, HYBE announced that it had achieved sales of 360.9 billion won in the first quarter of 2024. This marked a slight decrease of 12% from the same period in the previous year. However, the successful debuts of TWS and ILLIT have compensated for the impact of senior artists taking a hiatus. Despite a lower number of new album releases in the first quarter, the company was able to sustain a stable performance thanks to steady digital streams. As a result, HYBE experienced a significant increase of 50% in digital sales during the first quarter.

In the first quarter, HYBE earned a total of 217 billion won in direct participation revenue, which includes income from album sales, performances, advertisements, and other activities by SEVENTEEN, Enhypen, and &TEAM. This accounted for 60% of their revenue, while the remaining 40% came from indirect participation sales such as merchandise, content, and fanclubs. Despite a decrease in activity from their existing artists, HYBE was able to maintain profitability thanks to their improved foundation of profitability.

From the second quarter onwards, it is anticipated that HYBE’s revenue and operating profit will increase, as their artists will resume activities and embark on world tours with full force. In April, SEVENTEEN, TXT, and BOYNEXTDOOR made their highly-anticipated comebacks, while Enhypen and NewJeans are also preparing for their return to the competitive K-pop industry. Additionally, in mid-June, Jin will become the first member of BTS to fulfill his military service duties.

The debut of new groups is expected to lead to a 30% increase in album sales compared to last year. Additionally, the fan interaction will be extended as HYBE’s 10 groups have announced a total of 160 concerts and fanmeetings.

HYBE is also striving to increase the global influence of K-pop by incorporating local cultures and characteristics into their IP development, with a focus on countries like Japan, the US, and Latin America. Their initial venture in this direction will be the launch of the girl group KATEYES in the US this summer.

The source is available at daum.