Hybe becomes first K-pop agency to surpass $838Mn in annual sales

Hybe becomes first K-pop agency to surpass $838Mn in annual sales

by Pranali Mehta

South Korean entertainment company, Hybe Co., Ltd., has reportedly surpassed ₩1 trillion ($868 million) in annual sales, becoming the management agency first in the K-pop industry to do so, led by the success of its artists including the global sensation BTS.

According to the agency’s regulatory filing, Hybe’s sales in 2021 have been tentatively recorded at ₩1.25 trillion ($1.05 billion), a 58% jump from the previous year. The agency’s operating profit also increased 30.8% on-year, amounting to ₩190.3 billion ($160 million), while its net profit was up by an estimate of 62%, at ₩141 billion ($118 million).

The agency witnessed an 18% rise in album sales from 2020, reaching ₩378.5 billion ($317 million).

The major factor behind Hybe’s solid performance was BTS, as the album featuring the boy band’s megahit single ‘Butter’ recorded 7.4 million in sales, with the song remaining on Billboard’s Hot 100 chart of main singles for ten non-consecutive weeks.

Other boy bands under the label, such as SEVENTEEN, TXT (Tomorrow X Together), and ENHYPEN, also recorded high album sales of 3.7 million, 1.8 million, and 2.2 million copies sold, respectively.

Meanwhile, Hybe also witnessed high revenues from Ithaca Holdings, which it acquired last year. Ithaca manages pop artists like Ariana Grande and Justin Bieber, whose albums sold 2.4 million and 2.35 million copies last year respectively.

Apart from album sales, the company’s sales from live performances also rose by 980.5% on-year, to ₩49.7 billion ($42 million) in 2021, out of which ₩45.3 billion ($38 million) were earned in the fourth quarter.

Analysts have credited the rise to the huge success of BTS’ live concerts held in Los Angeles, which had drawn over 210,000 fans between late November and early December.

The company stated that the offline concerts generated ₩40 billion ($33 million) in sales, with Hybe recording its biggest sales ever with the inclusion of YouTube Theater and online streaming sales.

Hybe’s net income in the fourth quarter was posted at ₩53.8 billion, up by 106.1% from the previous year. The company posted ₩73.9 billion ($62 million) operating profits for the financial quarter, and a 48% surge in revenue to ₩459.8 billion ($385 million).

Source credit: http://www.koreaherald.com/view.php?ud=20220222000965

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...