Hybe Corp., the structure behind K-pop icons BTS, enjoyed strong financial performance during the first three months of the year. The results were achieved despite BTS’s effective hiatus and quarter of corporate skirmishing in the Korean music sector.
The company Tuesday reported revenues of KRW411 billion in the three months to end of March and operating profit of KRW52.5 billion, increases of 42$ and 44%, respectively. Adjusted earnings before interest taxation, depreciation and amortization were up 12% at KRW71.9 billion.
Hybe did not confirm financial media calculations that it would net an investment profit of some $87 million on the sale of shares in SM Entertainment, which it bid to control but lost to Kakao.
While BTS has seen two of its seven members fall in for Korea’s compulsory military service, the running has been taken up by others. Hybe said that its record level first quarter results came from a wide-range of artists, labels and products. Album sales were up four-fold to 9.11 million units.
“BTS member Jimin’s solo album, released in March, sold 1.45 million copies within the first week since its release. The title track, ‘Like Crazy,’ debuted at No. 1 on Billboard Hot 100 and the album debuted at No. 2 on Billboard 200, making it the highest-performing K-pop solo act in history,” the company said.
Tomorrow X Together sold 3.14 million albums in the first quarter, while their album topped Billboard 200. The band has been on a world tour since March, selling out most of the stadium seats. NewJeans’ single album ‘OMG,’ released in January, and sold more than 1.3 million copies in the first quarter. Seventeen sold 1.27 million copies of their back catalog albums in the quarter.
Hybe’s Weverse fandom platform claimed double digit growth for a third successive quarter and reported 9.36 million monthly active users. “Having been focused on bringing the offline fan experience to online, Weverse is now looking to evolve into a more sophisticated platform,” said Weverse president Choi Joon Won.
The current quarter has also started strongly, the company said. “BTS’ Suga released his solo album in April, [debuting] at No.2 on Billboard 200, and embarked on a world tour starting from the U.S. Seventeen released their 10th mini album, which sold 4.55 million copies in the first week. Le Sserafim recorded 1.38 million pre-orders for the group’s first studio album released on May 1. Enhypen is set to release their fourth mini album on May 22, and a new group Boynextdoor will debut on May 30.
