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Hybe Becomes 1st S. Korean Entertainment Firm to Top 2 Tln. Won in Annual Sales

Written: 2024-02-26 18:51:18Updated: 2024-02-26 18:52:42

Hybe Becomes 1st S. Korean Entertainment Firm to Top 2 Tln. Won in Annual Sales

Photo : YONHAP News

Hybe Corporation has become the first South Korean entertainment company to reap two trillion won in annual sales. 

In a regulatory filing on Monday, the company, which represents BTS, said it posted sales of roughly two-point-two trillion won in 2023, up 22-point-six percent from a year earlier, on the back of strong album and concert revenues. 

The company’s operating profit climbed nearly 25 percent on-year to 295-point-eight billion won while its net income surged a whopping 288-and-a-half percent to 186-point-six billion won.

Sales from albums jumped nearly 76 percent and from concerts some 39 percent. 

Combined album sales by Hybe artists, including Seventeen and NewJeans, last year nearly doubled from 22-point-two million copies in 2022 to 43-point-six million copies last year.

The company also organized a total of 125 concerts in 2023 compared to 78 in 2022. 

The firm said the results of world tours by BTS member Suga and Seventeen, Tomorrow X Together, Enhypen and Le Sserafim were all reflected in the latest sales feat.

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