Led by robust gross sales and a world tour by the group Seventeen, Okay-pop big HYBE’s third quarter revenues grew 20.7% year-over-year to 537.9 billion gained ($410 million on the quarter’s common trade price), the South Korean firm introduced Thursday (Nov. 2).
When counted over the primary 9 months of 2023, Seventeen offered 11 million albums, together with 5.1 million copies of Seventeenth Heaven, an eight-track EP, within the week after its Oct. 23 launch. Seventeen additionally carried out 18 instances in 9 cities throughout Asia, together with exhibits at Japan’s 5 main domed stadiums that attracted 515,000 followers. Within the third quarter alone, Seventeen carried out two exhibits on the Tokyo Dome in Japan in addition to a live performance at Gocheok Sky Dome in Seoul, South Korea.
HYBE additionally pointed to a string of profitable solo releases by members of BTS for contributing within the quarter. V’s Layover offered 2.1 million albums within the week after its Sept. 8 launch. J-Hope’s Jack within the Field, launched July 15, reached No. 1 on the Tunes chart in 49 markets. D-Day by Agust D, often known as BTS member Suga, carried out 28 instances in 10 cities in North America and Asia.
HYBE’s music gross sales of 264.1 billion gained ($201 million) was up 104.4% from the prior-year interval and was 7.4% higher than the 245.9 billion gained ($187 million) within the second quarter. Live performance income was up 83.9% yr over yr to 86.9 billion gained ($66 million) however fell 44.8% from the prior quarter.
The corporate’s acquisition of Atlanta-based hip hop label High quality Management has rapidly made a significant influence. House to such artists as Migos and Lil Child, High quality Management accounted for 19% of HYBE’s streaming income within the quarter.
Massive Machine Label Group, picked up in 2021 via the acquisition of Scooter Braun’s Ithaca Holdings, contributed 27% of third-quarter streaming income whereas South Korean labels took a 54% share.
Weverse, HYBE’s social media platform, elevated its month-to-month energetic customers to 10.5 million within the third quarter from 9.5% within the earlier quarter and 6.9 million within the third quarter of 2022.
Shares of HYBE gained 5.4% to 243,000 gained ($180.89) in early buying and selling on Thursday in South Korea.
- Complete revenues grew 20.7% to 537.9 billion gained ($410 million).
- Music revenues gained 104.4% to 264.1 billion gained ($201 million).
- Live performance income jumped 83.9% to 86.9 billion gained ($66 million).
- Merchandising and licensing income fell 25.3% to 85.7 billion gained ($65 million).
- Fan membership income grew 21.3% to 21 billion gained ($16 million).
- Adjusted EBITDA grew 13.1% to 90.8 billion gained ($69 million).
- Internet revenue improved 5.9% to 98.6 billion gained ($75 million).
