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Hybe Posts Record of More 1 Tln Won in Sales for H1

Written: 2023-08-08 14:26:31Updated: 2023-08-08 14:50:37

Hybe Posts Record of More 1 Tln Won in Sales for H1

Photo : YONHAP News

Hybe, the management company responsible for BTS, posted over one trillion won, or around 762 million U.S. dollars, in sales in the first half of the year for the first time ever.

In a regulatory filing on Tuesday, the company said it posted sales of 621 billion won in the second quarter, up 21-point-two percent from a year earlier on the back of strong album and concert revenues, while net income jumped 18-point-seven percent on-year to 117 billion won.

Sales from albums, concerts and appearance fees surged 33-point-nine percent on-year to 436-point-four billion won, with concert revenue rising 85-point-four percent thanks to eased COVID-19 restrictions.

Hosting of the BTS Festa 2023 celebrating the group's tenth anniversary and the annual joint-label concert Weverse Con Festival drove down operating profit for the April-to-June period seven-point-nine percent on-year to 81-point-three billion won.

The company's overall sales in the first six months of the year rose 29-point-four percent on-year to one-point-03 trillion won, with operating profit standing at just over 140 billion won.

Combined album sales by Hybe artists, including Seventeen and Le Sserafim, during the first six months of the year total 22-point-seven million copies, surpassing the 22-point-two million albums sold in the whole of last year.

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