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BTS’s Agency HYBE Labels Becomes First Korean Music Agency To Surpass 1 Trillion KRW Annual Sales

HYBE Label annual sales surpass 1 trillion KRW

HYBE Labels, house to artists like BTS and TXT, is now the first Korean music agency to surpass 1 Trillion KRW annual sales. Recently HYBE announced its profits and other incomes on a consolidated basis. And it turns out HYBE labels have exceeded the 1 Trillion KRW sales mark, becoming one of the biggest Music agencies operating in South Korea. BTS is one of the biggest reasons behind HYBE’s latest success and shining profit numbers.

HYBE Labels achieved a new milestone with its increasing profits and successful artists. Recently, HYBE shared that its profits grew by 30.8 percent last year. It has seen a massive jump in profits due to the production of content such as digital comics and games. Moreover, HYBE’s accusation of Scooter Braun’s Ithaca Holdings has helped increase its wealth and gains.

HYBE Labels Becomes 1st Korean Music Agency To Surpass 1 Trillion Annual Sales

BTS’s agency HYBE has nearly tripled its revenue from the different categories of content it produced last year. On February 22, HYBE announced that its annual sales were marked 1.25 Trillion won (1.05 Billion USD), a gasping 58.0 percent increase since 2020. The operating profits stood at 190.3 billion KRW (~160 million USD), an increase of 30.8 percent, and the net profit increased by 62% to 141 billion KRW (~120 million USD). 

Last year, BTS sold albums amounting to 7.4 million. Meanwhile, SEVENTEEN and ENHYEN sold 3.7 million and 2.2 million albums; the number is 18.0 percent higher than the previous year. Ithaca Holdings, which managed Justin Bieber, Arian Grande, J Balvin, Demi Lovato, etc, was acquired by HYBE. Hence, the involvement of the western artist also corporates toHYBE’ss success and profits. Ariana Grande sold 2.4 million albums, whereas Justin Bieber sold 2.35 million copies.

HYBE Labels annual sales surpass 1 trillion KRW

BTS at the 2019 Billboard Music Awards

While talking to investors, HYBE’s new CEO Park Ji-Won said that the company is planning to”carry out its game and publishing business in earnest”. Also, he is planning to invest in game developers to provide entertainment in the upcoming metaverse.

The company earned 707 billion KRW (594 Million USD) in sales and advertisements. All of this marked a 100 percent rise from last year. Additionally, performance revenue jumped ten times (42 million USD), all thanks to BTS’s PTD Concert series at SoFi Stadium in LA.

Congratulations to HYBE Labels!

Also Read:’‘BTS PTD on Stage-Seoul’’ Concert To Be Nation’s Largest Offline Event Since Pandemic

Written By

I love curating articles and poetry. Penning down emotions and all the gossip from the entertainment industry is what I do all the time. If you want to know more you can get in touch with me at MuskanJ@Otakuakart.com

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