HYBE (CEO Jiwon Park), the agency of the Kpop group BTS, recorded the highest quarterly performance ever. It is thanks to strong artist album sales.
HYBE announced on November 4 that they recorded 341 billion won in sales, and 65.6 billion won in operating profit in the third quarter, based on the K-IFRS connection, the company’s provisional settlement before external auditors’ review was completed.
Compared to last year’s same period, sales increased by 80% and operating profit by 63%. So, the operating profit ratio was 19.2%, an improvement of 9.1 percentage points from the previous quarter.
Growth in the album, merchandise, and licensing sectors drove earnings growth. Album sales rose 21% from the previous quarter to 129.7 billion won. It is due to strong sales of BTS’s single album and TOMORROW X TOGETHER (TXT)’s repackage album. The merchandise and licensing sectors recorded 76.7 billion won, up 53% from the previous quarter. It is due to increased merchandise sales using IPs of major artists. The advertising, investment, and management sectors also recorded 33.8 billion won, up 56% from the previous quarter.
The growth of Weverse, a global fan community platform, continued. The average monthly number of Weverse visitors in the third quarter rose about 20% from the previous quarter to about 6.4 million. It is thanks to the effect of BLACKPINK’s Weverse entry.
Meanwhile, HYBE unveiled the company’s future business model through a conference call that day. They will expand to the ‘entertainment lifestyle’ industry without boundaries.
HYBE announced its entry into the NFT business through a strategic partnership that invests mutual shares with Dunamu, a leader in the fintech industry. The two companies announced that they will establish a joint venture in the US, the world’s largest virtual currency market. They will develop a platform where various NFT products based on artist IP are traded in an easy-to-access environment for global fandom.
HYBE plans to expand the ecosystem of the NFT platform without boundaries. They will expand their IP lineup, including global artists and sports stars, starting with its artist IP.
In addition, the company introduced launching new games using BTS’s IP and the ‘Original Story’ business, in which the story itself becomes the source IP.
“Despite the COVID-19 Pandemic situation, we were able to grow into a company with a solid appearance and internal stability from a year ago,” said CEO Jiwon Park. “From the fourth quarter, offline performances will gradually expand, starting with BTS’s LA performance. So, we can assume the company’s sales growth further,’ he added.
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The post BTS & TXT Effect: HYBE’s 3rd Quarter Sales Amounts To 341 Billion Won; The Biggest Ever! appeared first on KPOPIDA.
BTS & TXT Effect: HYBE’s 3rd Quarter Sales Amounts To 341 Billion Won; The Biggest Ever!
Source: Pinoy Star News
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