Despite a slight increase in overall revenue, HYBE Corporation, the South Korean entertainment powerhouse responsible for the worldwide phenomenon BTS, has disclosed a notable decrease in operating profits during the second quarter of 2024.
The company announced a 3.1% year-on-year increase in revenue for the period, reaching 640.5 billion KRW. However, there was a significant decline in operating profit, decreasing by 37.4% to 50.9 billion KRW compared to the same period in 2023. Furthermore, the net profit also saw a sharp decrease of 85.9%, dropping to 16.5 billion KRW.
Despite attributing the decrease in profitability to higher investments in new projects and the growth of its artist roster, HYBE remains hopeful for a turnaround in the upcoming quarters. The company is confident in its strong lineup of planned activities for its artists, which includes Jin (BTS)’s solo album, SEVENTEEN’s upcoming album and world tour, and the highly anticipated NewJeans world tour scheduled for the following year.
HYBE’s representative expressed confidence in the company’s long-term growth prospects, citing its diverse portfolio of artists and strategic investments. They also stated that they anticipate an improvement in profits starting from the third quarter.
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