HYBE Achieves Record Revenue Growth in 2024: Future Outlook

HYBE is projected to achieve a record revenue of 2.2545 trillion KRW in 2024. This marks the second consecutive year that the company has surpassed 2 trillion KRW in annual sales. Despite BTS members undergoing military service, other artists under the HYBE label continue to thrive. Their success significantly contributes to HYBE’s impressive growth.

The company has experienced notable increases in concert revenues and merchandise sales. This success offsets a 1.8% decline in direct revenue from album sales. While album sales dropped by 11.3%, concert revenues surged by 25.6%. This trend highlights the effectiveness of HYBE’s live performance strategies. Notably, HYBE artists held 147 concerts and 25 fan meetings, setting a new record for concert revenue in the company’s history. The remarkable rise in concert income in Q4 further emphasizes this success.

Among the standout achievements, SEVENTEEN has celebrated over 10 million album sales for two consecutive years. Meanwhile, TOMORROW X TOGETHER secured two albums in the top 10 of the Circle Chart. NEWJEANS emerged as the top-selling female K-pop artist, surpassing 3 million albums sold. Additionally, HYBE artists dominated the global K-pop charts, with 15 songs making it into the top 20. Several BTS members also achieved placements on the Billboard Hot 100.

In terms of revenue breakdown, indirect participation revenue rose by 14.5% to 809.3 billion KRW. Merchandise and licensing contributed significantly, increasing by 29.1% to 420 billion KRW. This growth was fueled by large-scale world tours and merchandise sales. However, the company’s operating profit is expected to decline by 38% in 2024, hitting 184.8 billion KRW. This decline is largely due to BTS’s military service and shifts in artist revenue contributions.

Looking ahead, HYBE anticipates improved profitability with BTS’s return. The company expects balanced growth among its diverse roster of artists. Additionally, they plan to enhance management capabilities after hiring Cade Hudson. HYBE is also exploring new growth ventures, including digital membership services and gaming. Projects are underway in the U.S., Japan, and Latin America. HYBE aims to innovate the market through a ‘multi-home, multi-genre’ strategy, integrating K-pop systems with local cultures.

As HYBE navigates the complexities of the entertainment industry, its strategic focus on live performances and merchandise remains strong. The company’s commitment to artist development and market expansion positions it for sustained success in the evolving global entertainment landscape.

This article has been written by Kpopmap AI writer and while we have made efforts to ensure the accuracy of the article, there may be errors or inaccuracies.