HYBE Hits Record Sales of $1.5 Billion, BTS Not Primary Contributor

The group NewJeans, who belongs to the label ADOR of HYBE, is taking photos at the 2024 F/W Seoul Fashion Week held at Dongdaemun Design Plaza in Jung-gu, Seoul, on February 1st. Yonhap News

HYBE (352820), which gained attention as the agency of BTS, broke the 2 trillion won ($1.5 billion) consolidated annual sales barrier for the first time among domestic entertainment companies as its various singers, such as NewJeans and LE SSERAFIM, gained popularity.

HYBE announced on the 26th that last year’s sales (consolidated basis) increased by 22.6% from the previous year to 2 trillion and 178.1 billion won ($1.63 billion). Operating profit increased by 24.9% to 295.8 billion won ($222 million), and net profit increased by 288.5% to 186.6 billion won ($140 million).

Looking at last year’s sales by type, direct participation sales increased by 51.4% to 1 trillion 471.5 billion won ($1.14 billion), while indirect participation sales decreased by 12.1% to 706.6 billion won ($530 million).

Among direct participation sales, album and music sales surged by 75.8% to 970.5 billion won ($728 million) due to the boom in the K-pop market. As the concert market recovered after the COVID-19 pandemic, performance sales increased by 39.1% to 359.1 billion won ($269 million). On the other hand, indirect participation sales showed negative growth, such as goods and licensing by -17.7% and content by -15.1% compared to the previous year.

HYBE’s singers recorded album sales last year based on the Circle Chart, with SEVENTEEN selling 15.94 million copies (1st place), TOMORROW X TOGETHER (TXT) 6.51 million copies (3rd place), NewJeans 4.26 million copies (5th place), ENHYPEN 3.88 million copies (6th place), BTS Jung Kook 2.71 million copies (12th place), and BTS V 2.25 million copies (13th place). The annual album sales of HYBE’s domestic singers increased nearly twice, from 22.2 million copies in 2022 to 43.6 million last year. Despite the absence of BTS team activities, members Jimin and Jung Kook topped the US Billboard main single chart Hot 100, and TOMORROW X TOGETHER and NewJeans recorded the number one spot on the main album chart Billboard 200, reflecting their worldwide popularity.

Performance sales increased significantly as the number of artists who held concerts increased from four teams in the previous year to seven teams last year, and the total number of performances increased from 78 to 125. HYBE explained, “It reflects the success of the BTS Suga tour, which sold out every round, SEVENTEEN’s Follow tour, the first North American stadium and Japan Dome tour of TOMORROW X TOGETHER and ENHYPEN, and the first world tour of LE SSERAFIM.”

LE SSERAFIM is performing at the third mini album EASY release showcase at the Hwajeong Gymnasium of Korea University in Seongbuk-gu, Seoul, on February 19th. Yonhap News

This year, HYBE plans to debut artists in order, such as TWS, I’LL-IT, and KATSEYE. In addition, Scooter Braun Projects, the management division of HYBE America, signed new contracts with local singers such as Ozuna and Kali last year. Ariana Grande’s regular album will be released this year, and significant sales growth is expected.

HYBE also announced, along with the earnings announcement, a cash dividend plan to enhance shareholder value on this day. The scale of this cash dividend, implemented for the first time since the company was listed on the KOSPI under the previous name Big Hit Entertainment in October 2020, is 700 won per share, a total of 29.2 billion won ($21.9 million).