On February 26th, HYBE revealed an unprecedented milestone, reporting 2.17 trillion won in sales and an operating profit of 295.8 billion won for the year 2023. These figures represent a 22.6% and 24.9% increase over the previous year and are the company’s highest to date. HYBE’s three-year compound annual growth rate (CAGR) stands impressively at 31.7% for sales and 24.7% for operating profit.
Flourishing album sales have been central to HYBE Labels’ success, with a collective sale of 43.6 million albums in 2023, twice that of the prior year. Breaking down sales by group, Seventeen achieved a record 16 million cumulative album sales, setting a new benchmark for K-pop. Solo albums from BTS members also showed strong performance with sales of 8.7 million copies globally, highlighting their widespread appeal. Albums from other HYBE artists such as TOMORROW X TOGETHER (6.5 million), NewJeans (4.26 million), and ENHYPEN (3.88 million) saw significant popularity.
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Streaming achievements are among the highlights of HYBE’s year, with Jungkook’s singles remaining on the Billboard Hot 100 and NewJeans dominating Korea’s annual streaming charts while also securing spots on the Billboard Hot 100. HYBE America’s Big Machine Label Group (BMLG) and QC Music also contributed to impressive streaming figures in North America. The company’s music sales witnessed an 80% surge from the previous year, reaching around 300 billion won.
Concerts experienced a resurgence post-pandemic, with sales in this sector jumping approximately 40% to 359.1 billion won. The influx of live shows from seven performing groups, including 125 concerts, also played into these robust sales figures. Highlights included BTS Sugar Tour, Seventeen’s “Follow” Tour, and the first world tour of LE SSERAFIM.
Weverse, HYBE’s global super fan platform, has kept its monthly active users (MAU) steady at approximately 10 million. With an impressive 122 artist communities now established, representing a 72% year-on-year growth, user engagement continues to rise. Weverse Live events have increased to over 1,400, engaging more users across the platform.
Looking to the future, HYBE is planning the debut of various artists to add to its already diverse roster, including groups from Pledis Entertainment, Belief Lab, and a collaboration with HYBE x Geffen Records. Existing artists are also scheduled to begin new album activities starting in the second quarter.
HYBE America, with the Scooter Braun Project, has signed new artists like Ozuna and Kaliii, and anticipates significant revenue growth, especially with Ariana Grande’s upcoming full album release in 2024.
In addition to its financial accomplishments, HYBE has also declared cash dividends totaling 29.2 billion won, or 700 won per share, underscoring its commitment to enhancing shareholder value.
In a further display of technological innovation, HYBE showcased Supertone’s AI audio technology, which recreated CEO Park Jiwon’s voice with remarkable accuracy during a conference call, emphasizing the company’s modern approach.
Source: Sports Chosun
FAQs About HYBE’s Achievements
- What were HYBE’s total sales and operating profit in 2023?
- HYBE reported sales of 2.17 trillion won and an operating profit of 295.8 billion won in 2023.
- How many albums did HYBE Labels artists sell in 2023?
- HYBE Labels artists sold a remarkable 43.6 million albums in 2023.
- What record did Seventeen break?
- Seventeen broke the new K-pop album sales record with 16 million cumulative album sales.
- How has Weverse contributed to HYBE’s growth?
- Weverse has maintained a steady monthly active user base of around 10 million and saw a 72% increase in the number of artist communities.
- What are some of HYBE America’s expected highlights?
- HYBE America signed new artists like Ozuna and Kaliii, and is anticipating significant growth from the release of Ariana Grande’s full album in 2024.
Conclusion
In sum, HYBE’s record-breaking financial performance is a reflection of its dominant presence in the global entertainment industry. With strategic artist lineups, innovative technology integration, and an unwavering commitment to shareholder value, HYBE continues to set the bar higher. As the company expands its roster and ventures into new markets, the world eagerly awaits the next chapter in HYBE’s impressive success story.