HYBE, the home of K-pop stars BTS, sees revenues soar 79.2% YoY in Q2 to $244m

Korea’s HYBE, the corporate behind k-pop superstars BTS, has posted its monetary outcomes for Q2 2021 (the three months to the tip of June).

In accordance with a submitting printed right this moment (August 5), HYBE generated revenues of 278.6 billion South Korea Gained (roughly $244m) in Q2, a rise of 79.2% or 123.2bn South Korea Gained ($108m) in comparison with the identical quarter in 2020.

HYBE’s Q2 2021 revenues of 278.6bn South Korea Gained was up 56.2% in comparison with the prior quarter (Q1 2021), when HYBE posted revenues of 178.3bn South Korea Gained ($156m).

HYBE’s internet revenue in Q2 was 20.8bn South Korea Gained ($18m), marking development of 9.9%, or 1.9bn South Korea Gained ($1.6m) YoY.

As first reported by Yonhap information company, the corporate’s album gross sales noticed 105.4% YoY development to hit 107bn South Korea Gained (approx. $94m) in Q2.

That determine was up 96.2% in comparison with the prior quarter (Q1 2021), when HYBE posted album gross sales of 54.5bn South Korea Gained ($48m).

Sturdy album gross sales within the quarter got here from BTS’ Japanese launch The Greatest and Seventeen’s Your Alternative.

BTS’ hit single Butter has also just spent nine weeks at No.1 on the Billboard Scorching 100.

A major driver of HYBE’s newest outcomes have been the corporate’s revenues from content material equivalent to on-line meet-and-greets. This content material income grew 236.9% YoY in Q2 to 91.3bn South Korea Gained ($80m).

Weverse, HYBE’s fan-community app that pulls collectively content material made by and for Massive Hit artists together with music movies, teasers, motion pictures, merch gross sales and stay streams, additionally grew in Q2 2021 – to five.3m Month-to-month Lively Customers, which was up 9% in comparison with the prior quarter (Q1).

The common income per paying person (ARPPU) for Weverse was up 53% in comparison with the prior quarter (see under).

“We anticipate a rise in income and working revenue by artist actions within the latter half of this yr,” stated HYBE CEO, Park Ji-won right this moment, according to the Korea JoonAng Each day information outlet.

“We’ll carry on paving our path within the leisure life-style market primarily based on music, by competitors and partnerships that can open up new alternatives.”

The corporate’s monetary outcomes come after final month’s information that Bang Si-hyuk could be stepping down from his function as CEO of HYBE (previously often called Massive Hit Leisure) as part of a major leadership shakeup at HYBE.

Also called the “Hitman”, Bang Si-hyuk is remaining on the Board of Administrators as Chairman, and also will concentrate on music manufacturing, which HYBE famous on the time is “his space of experience” (Bang Si-hyuk is credited on tracks by BTS, in addition to Ok-Pop stars equivalent to ENHYPEN and others).

Bang Si-hyuk’s exit from the function of CEO of HYBE adopted the corporate’s partnership and formation of a JV label with Universal Music Group in February and the acquisition of Scooter Braun’s Ithaca Holdings in April for $1 billion.

The Korea JoonAng Each day stories that “authorized charges and different bills” associated to the Ithaca acquisition totalled 10bn South Korea Gained ($8.7m).

That sum ate into the corporate’s working revenue, which was down 6.2% YoY to 28bn South Korea Gained ($24.5m).

HYBE’s new CEO, Park Ji-won, who joined the corporate in Could final yr, now oversees HYBE’s general administration technique and operations.

HYBE’s US operations are led by HYBE America CEO (Lenzo) Yoon Seok-jun and Scooter Braun (CEO), respectively.

In accordance with HYBE, the restructure was being applied “to advertise globalization by all-round deployment of prime administration leaders”.

 Music Enterprise Worldwide

Source link