BTS Solo Activities Drive HYBE's Record Q1 Performance with Operating Profit of 52.5 Billion Won

Record High Q1 Revenue and Operating Profit
Total Album Sales of 9.11 Million Including Jimin's Solo Album
"Committed to Delivering Diverse Content Based on IP"

HYBE posted its highest-ever performance for the first quarter. On the 2nd, HYBE announced, “For the first quarter of 2023, consolidated sales reached 410.6 billion KRW, with an operating profit of 52.5 billion KRW.” Sales, operating profit, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) all marked record highs for a first quarter.

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First-quarter sales increased by 44.1% and operating profit rose by 41.7% compared to the same period last year. Adjusted EBITDA, which reflects actual cash-generating ability, was recorded at 71.9 billion KRW, up 12.1% year-on-year. This was driven by the activities of the most diverse lineup of artists, who sold over 9 million albums.

The power of the ‘multi-label’ strategy stood out. HYBE Labels artists sold a total of 9.11 million albums in the first quarter, more than quadrupling compared to the same period last year. This was thanks to various artists simultaneously engaging in album activities across multiple labels.

In particular, BTS member Jimin’s solo album, released in March, recorded first-week sales of 1.45 million copies. It reached No. 1 on Billboard’s Hot 100 and No. 2 on the Billboard 200 charts. Other notable performances included Tomorrow X Together, which recorded the highest album sales in the first quarter with a total of 3.14 million copies, as well as NewJeans (1.3 million copies) and Seventeen (1.27 million copies).

Album sales drove ‘direct participation’ revenue (albums, concerts, advertisements). HYBE’s direct participation revenue for the first quarter was 234.5 billion KRW, a 53.9% increase compared to the same period last year. Direct participation revenue accounted for 57% of total sales. ‘Indirect participation’ revenue (merchandising and licensing, content, fan clubs) increased by 32.8% year-on-year to 176.1 billion KRW.

Following the earnings announcement, HYBE expressed its commitment to continuously strengthen its profit base during the IR conference call. Park Ji-won, CEO of HYBE, stated, “HYBE plans to actively support the continued growth of artists and music IP (intellectual property). We will do our utmost to deliver various performances and content based on these IPs to our fans.”

This content was produced with the assistance of AI translation services.