Hybe reports quarterly best Q2, new K-pop idol in the making amid BTS hiatus

[Source: Hybe Co.]

South Korea’s entertainment giant Hybe Co. behind K-pop superstar BTS closed the second quarter in record top and bottom line for a three-month period on renewed concert activities on top of new album and contents releases.

In its regulatory filing on Wednesday, the Korean entertainment giant said its consolidated operating profit reached record 88.3 billion won in the April-June period, gaining 138.2 percent from the previous quarter and 215.3 percent from a year earlier.

Net profit jumped 203.5 percent on quarter and 359.3 percent on year to 93 billion won, while sales gained 79.7 percent from three months ago and 83.8 percent against a year earlier to quarterly best of 512.2 billion won.

Hybe shares rose 3.02 percent to close at 170,500 won in Seoul trading on Wednesday.

Growth of album, concert and content sales drove strong second-quarter performance.

Album sales soared 226.2 percent on quarter and 97.1 percent on year to 210.9 billion won. Performance sales climbed 38.6 percent to 85 billion won against the previous quarter thanks to BTS’ Las Vegas concert and Seventeen’s performance in Seoul.

Revenue from MD and licensing business amounted to 98.8 billion won, up 42 percent on quarter and 97.2 percent on year with increased World Tour activities of artists in the label. On top of BTS, Seventeen, Tomorrow by Together and ENHYPHEN all have become popular K-pop icons with album sales topping 1 million each, Hybe said.

“Hybe will strengthen the multi-label system to keep up efforts to produce new artists in 2023. The company is preparing a project to debut new K-pop idol in the U.S. under global business strategy,” said Park Ji-won, CEO of Hybe, in a conference call after the earnings release.

The outlook of the company and stock came in doubt after BTS in June announced to suspend activities as the eldest of the septet nears maximum military enrollment age. The members would be carrying out solo activities during the hiatus.

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