Hybe, the renowned Korean entertainment group responsible for BTS, experienced a remarkable surge in revenues and profits in 2023. This growth can be attributed to the doubling of album sales and the return of live concerts following the post-COVID era.
Impressive Financial Performance
In 2023, Hybe reported annual revenues of KRW2.17 trillion ($1.63 billion), marking a substantial 23% increase compared to the previous year. Net profits also soared, reaching KRW187 million, which surpassed even the results from 2021. Despite a net loss in the fourth quarter, the company managed to minimize the setback to a lower figure than the previous year.
Album Sales and the Power of K-pop
Hybe’s artists collectively sold a staggering 43.6 million album units in 2023, double the figure from the previous year. Solo albums by BTS members achieved exceptional success, with 8.7 million copies sold globally. Additionally, Seventeen accumulated impressive album sales of 16 million units. Other notable K-pop acts such as Tomorrow X Together, Enhypen, and NewJeans also made their mark, selling 6.5 million, 3.88 million, and 4.26 million units respectively.
Concert Revenue Soars
The revenue from concerts experienced a tremendous increase of approximately 40%, reaching KRW359 billion ($270 million) in 2023, up from KRW258 billion in 2022. The number of artists hosting tours grew from four teams to seven, resulting in a significant surge in the number of performances, from 78 to 125.
Several successful world tours contributed to Hybe’s revenue growth. Suga of BTS and Seventeen embarked on triumphant international tours, while TXT and Enhypen made history with their first North American stadium and Japanese dome tours. Le Sserafim also held sold-out shows in Seoul, Japan, and Hong Kong during its inaugural Asia tour.
A Flourishing Fandom Platform
Hybe’s global fandom platform, Weverse, continued to thrive, surpassing a monthly active user base of over 10 million. The number of artist communities on Weverse increased by an astounding 72% year-on-year, reaching 122 communities by the end of 2023. This growth was fueled by acts from SM Entertainment following a post-acquisition battle agreement. Furthermore, the number of “Weverse Live” streams rose from 900 to over 1,400, encouraging Weverse users to spend 46% more time on the app compared to 2022.
Future Expansion and Promising Prospects
Looking ahead, Hybe plans to expand its artist roster by introducing new K-pop talents, including Belift Lab’s Illit and Hybe X Geffen Records’ Katseye. Additionally, Pledis Entertainment’s TWS made its debut in January. Hybe America’s management affiliate, SB Projects, also added new artists to its roster, such as the acclaimed Puerto Rican singer and songwriter Ozuna, and breakout rapper Kaliii from Atlantic Records. With the highly anticipated release of Ariana Grande’s new album in March, SB Projects expects substantial revenue growth this year.
Hybe’s outstanding year in 2023 serves as a testament to the enduring popularity and global impact of K-pop. As the company continues to innovate and captivate audiences worldwide, it is well-positioned for further success in the future.
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