Led by strong sales and a world tour by the group Seventeen, K-pop giant HYBE’s third quarter revenues grew 20.7% year-over-year to 537.9 billion won ($410 million at the quarter’s average exchange rate), the South Korean company announced Thursday (Nov. 2).
When counted over the first nine months of 2023, Seventeen sold 11 million albums, including 5.1 million copies of Seventeenth Heaven, an eight-track EP, in the week after its Oct. 23 release. Seventeen also performed 18 times in nine cities across Asia, including shows at Japan’s five major domed stadiums that attracted 515,000 fans. In the third quarter alone, Seventeen performed two shows at the Tokyo Dome in Japan as well as a concert at Gocheok Sky Dome in Seoul, South Korea.
HYBE also pointed to a string of successful solo releases by members of BTS for contributing in the quarter. V’s Layover sold 2.1 million albums in the week after its Sept. 8 release. J-Hope’s Jack in the Box, released July 15, reached No. 1 on the Tunes chart in 49 markets. D-Day by Agust D, also known as BTS member Suga, performed 28 times in 10 cities in North America and Asia.
HYBE’s music sales of 264.1 billion won ($201 million) was up 104.4% from the prior-year period and was 7.4% better than the 245.9 billion won ($187 million) in the second quarter. Concert revenue was up 83.9% year over year to 86.9 billion won ($66 million) but fell 44.8% from the prior quarter.
The company’s acquisition of Atlanta-based hip hop label Quality Control has quickly made a major impact. Home to such artists as Migos and Lil Baby, Quality Control accounted for 19% of HYBE’s streaming revenue in the quarter.
Big Machine Label Group, picked up in 2021 through the acquisition of Scooter Braun’s Ithaca Holdings, contributed 27% of third-quarter streaming revenue while South Korean labels took a 54% share.
Weverse, HYBE’s social media platform, increased its monthly active users to 10.5 million in the third quarter from 9.5% in the previous quarter and 6.9 million in the third quarter of 2022.
Shares of HYBE gained 5.4% to 243,000 won ($180.89) in early trading on Thursday in South Korea.
- Total revenues grew 20.7% to 537.9 billion won ($410 million).
- Music revenues gained 104.4% to 264.1 billion won ($201 million).
- Concert revenue jumped 83.9% to 86.9 billion won ($66 million).
- Merchandising and licensing revenue fell 25.3% to 85.7 billion won ($65 million).
- Fan club revenue grew 21.3% to 21 billion won ($16 million).
- Adjusted EBITDA grew 13.1% to 90.8 billion won ($69 million).
- Net profit improved 5.9% to 98.6 billion won ($75 million).
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