Seoul, South Korea – HYBE, the South Korean entertainment company behind BTS and SEVENTEEN, reported a 20.7% year-over-year increase in revenue to 537.9 billion won (about $410 million) for the third quarter of 2023.
Led by strong album sales and a world tour by SEVENTEEN, HYBE’s revenue was boosted by the group’s continued popularity in Asia. In the first nine months of 2023, SEVENTEEN sold 11 million albums, including 5.1 million copies of their eight-track album “SEVENTEENTH HEAVEN” in the week after its release on October 23.
SEVENTEEN also performed 18 times in nine cities across Asia, including shows at five major dome stadiums in Japan that drew 515,000 fans. In three consecutive months, SEVENTEEN performed two shows at Tokyo Dome in Japan as well as a concert at Gocheok Sky Dome in Seoul, South Korea.
HYBE also pointed to a series of successful solo releases with contributions from BTS members.
BTS’ V’s album “Layover” sold 2.1 million copies in the week after its release on September 8, J-Hope’s “Jack in the Box,” released on July 15, reached No. 1 on the iTunes charts in 49 markets. “D-Day” by Agust D, also known as BTS member Suga, performed 28 times in 10 cities across North America and Asia.
HYBE’s music sales of 264.1 billion won increased 104.4% from the same period last year and were 7.4% better than 245.9 billion won in the second quarter. Concert revenue rose 83.9% year-over-year to 86.9 billion won, but fell 44.8% from the previous quarter.
The company’s acquisition of the Atlanta-based hip-hop label quickly made a significant impact. Home to artists such as Migos and Lil Baby, it accounted for 19% of HYBE’s streaming revenue in the quarter.
Big Machine Label Group, which was formed in 2021 through the acquisition of Scooter Braun’s Ithaca Holdings, accounted for 27% of third-quarter streaming revenue while the South Korean label took 54% of the stake.
Weverse, HYBE’s social media platform, increased its monthly active users to 10.5 million in the third quarter from 9.5% in the third quarter of 2022.***
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