The South Korean company behind global K-pop sensation BTS has shattered records to claim the highest annual revenue ever reported by a South Korean entertainment company. During a recent earnings call, HYBE Co. saw its annual consolidated revenue skyrocket 22.6% to 2.18 trillion won ($1.6 billion) in the last year. Out of this increase in revenue, a 51.4% increase in artist-related activities, which includes music albums and performances, accounted for 1.47 trillion won all on its own.
What’s more, the company’s operating profit grew 24.9% to 295.8 billion won, while net profit rocketed 288.5% to 186.6 billion won. Even with a 12.1% decrease in artists-related merchandise and licensing, and content sales, the overall health of HYBE was supported by successful music and sold-out tours.
Notably, the company’s financial wind had BTS in group hiatus but members Jimin and Jungkook topping the Billboard Hot 100 Songs chart, its first such topper. Other HYBE acts including Tomorrow X Together and NewJeans with No. 1’s on the Billboard 200 are an evident show of the company is still able to turn new talent into music stars.
HYBE also is making ready to unleash new music by new group TWS and girl groups I’ll-it and Katseye, along with continued promotion for its current artists. Offering a “strategic multi-label system,” this effort will continue to diversify its portfolio and reduce its reliance on any single artist or label. That, alongside a dividend payment of 700 won per share shows that the company’s confidence isn’t wavering — at all.
