HYBE Records Revenue of 527.8 Billion Won in Q3 2024, Continued Growth

HYBE announced on the 5th that it recorded consolidated revenue of 527.8 billion won in the third quarter of 2024. Although this represents a 1.9% decrease compared to the same period last year, it is still a noteworthy achievement. During the same period, operating profit was reported at 54.2 billion won, a 25.4% decline from the previous year.

Regarding this quarter’s performance, HYBE analyzed, “The release of albums by HYBE Music Group artists was somewhat delayed due to the Olympics, but indirect participatory revenue related to artist intellectual property (IP) businesses significantly increased, driving performance.” Cumulative sales for the third quarter surpassed 1.5 trillion won, raising expectations for achieving 2 trillion won in annual sales for the second consecutive year.

Direct participatory revenue such as albums, performances, and advertisements accounted for 323 billion won of HYBE’s third-quarter revenue. The company explained, “The increased album sales of ENHYPEN, BOYNEXTDOOR, the million-seller achievement of NewJeans’ debut single in Japan, and the music performance of BTS JiMin and LE SSERAFIM contributed to the performance. KATSEYE, which gained attention in the global market immediately upon debut, also played a significant role.”

Meanwhile, indirect participatory revenue, including MD and licensing, content, and fan club sales, reached 204.9 billion won, a 32% increase from the previous year. Particularly, the content segment recorded a 64% increase in sales, marking the largest growth. The documentary ‘Pop Star Academy: Cats Eye,’ which follows the debut process of KATSEYE, and SEVENTEEN’s stadium concert film ‘SEVENTEEN TOUR ‘FOLLOW’ AGAIN TO CINEMAS’’ contributed to the growth of this segment.

This year, HYBE’s operating profit margin has steadily increased, with 4% in the first quarter, 7.9% in the second quarter, and 10.3% in the third quarter. This is interpreted as a recovery trend in operating profit margin as the initial infrastructure construction for new business developments approaches completion.

In the upcoming fourth quarter, the release of BTS Jin’s first solo album ‘Happy,’ along with SEVENTEEN’s world tour and active activities of HYBE Music Group artists, is expected to raise expectations even higher.

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.