Hybe, the Korean entertainment group behind BTS, saw revenues and profits both grow by more than a fifth in 2023 as album sales doubled and post-COVID conditions allowed more concerts.
The company Monday reported annual revenues of KRW2.17 trillion ($1.63 billion), up 23% compared with 2022. Net profits reached KRW187 million, more that three times 2022’s depressed result and exceeding 2021’s figure. The year-on-year profits surge came despite a net loss in the fourth quarter (of KRW53 billion or $39.8 million), albeit a lower figure than in the preceding year.
Hybe artists collectively sold 43.6 million album units in 2023, double the figure from the previous year. Solo albums by BTS members demonstrated strong performance with 8.7 million copies globally while Seventeen achieved cumulative album sales of 16 million. Other K-pop acts Tomorrow X Together, Enhypen and NewJeans sold 6.5 million, 3.88 million and 4.26 million units respectively.
Concert revenue soared approximately 40% from KRW 258 billion in 2022 to KRW 359 billion ($270 million) in 2023. The number of artists hosting tours increased from four teams to seven, with the total number of performances surging from 78 to 125 during the same period.
Successful world tours by Suga of BTS and Seventeen, as well as the first North American stadium and Japanese dome tours by TXT and Enhypen contributed to the company’s revenue growth. Le Sserafim held its first Asia tour with sold-out shows in Seoul, Japan, and Hong Kong.
Hybe’s global fandom platform Weverse exceeded a monthly active user base of over 10 million. The number of artist communities on Weverse surged by 72% YoY to reach 122 communities by the end of 2023. The platform encompassed acts from SM Entertainment follow a post-acquisition battle agreement. Correspondingly, the number of “Weverse Live” streams increased from 900 to over 1,400. It said that encouraged Weverse users to stay online 46% longer time in the app compared with 2022.
This year, Hybe plans to continue expanding its artist roster with the debut of new K-pop artists including Belift Lab’s Illit and Hybe X Geffen Records’ Katseye. Pledis Entertainment’s TWS debuted in January.
Hybe America’s management affiliate SB Projects signed new artists such as multi-award-winning Puerto Rican singer and songwriter Ozuna and Atlantic Records’ breakout rapper Kaliii, last year. “This year, SB Projects expects substantial revenue growth with the release of Ariana Grande’s new album in March,” the company said.
