Hybe, the Korean entertainment group known for managing BTS, experienced significant growth in revenues and profits in 2023. The company reported a 23% increase in annual revenues, reaching KRW2.17 trillion ($1.63 billion), compared to the previous year. Net profits also saw a substantial rise, reaching KRW187 million, more than three times the figure from 2022.
The surge in profits was attributed to various factors, including a doubling of album sales by Hybe artists. In 2023, the collective album sales reached 43.6 million units, with notable performances by BTS members and other K-pop acts like Seventeen, Tomorrow X Together, Enhypen, and NewJeans.
Concert revenue also saw a significant boost, increasing by approximately 40% to KRW 359 billion ($270 million) in 2023. The company expanded its tour offerings, with seven artist teams hosting a total of 125 performances, up from 78 in the previous year.
Hybe's global fandom platform, Weverse, continued to grow, surpassing 10 million monthly active users by the end of 2023. The platform saw a 72% increase in artist communities, reaching 122 communities. The number of 'Weverse Live' streams also rose to over 1,400, encouraging users to spend more time on the app.
Looking ahead, Hybe plans to further expand its artist roster, with the debut of new K-pop artists like Illit and Katseye. Additionally, SB Projects, Hybe America's management affiliate, signed new artists such as Ozuna and Kaliii, with expectations of substantial revenue growth following the release of Ariana Grande's new album in March.
In conclusion, Hybe's strong performance in 2023 reflects the continued global popularity of K-pop and the company's strategic efforts to capitalize on this trend through album sales, concerts, and digital platforms like Weverse.
