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BTS and TXT's label records more than 140 billion KRW net profit despite septet's absence due to military
Despite BTS members' military absence, BIGHIT MUSIC's profits remain robust. HYBE Labels' Q1 report reflects strategic shifts and upcoming plans. Read on!
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BTS and TXT's BIGHIT MUSIC records robust profits amid septet's absence due to military
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HYBE Label discloses its financial report for Q1 of 2024
Despite BTS members' absence due to military service, BIGHIT MUSIC, under HYBE Labels, maintains strong profits. The first quarter of 2024 for HYBE saw significant sales from the debut of new artists TWS and ILLIT, with anticipation building for BTS member Jin’s return in Q2, notably.
BTS and TXT’s label earns 140.3 billion KRW net profit
Despite the absence of BTS members due to their ongoing military service, BIGHIT MUSIC, a subsidiary of HYBE Labels, continues to thrive financially. With a net profit of 140.3 billion KRW reported for the first quarter of 2024, BIGHIT MUSIC remains a profitable entity within the entertainment corporation. This success can be attributed to various factors, including the continued popularity of BTS' music and merchandise, as well as strategic business decisions made by the company.
Additionally, Tomorrow X Together (TXT), another prominent group under BIGHIT MUSIC, made a triumphant return with their latest mini-album, minisode 3: TOMORROW, which saw immense success, surpassing 1 million copies in sales on its release day alone. TXT's achievements further contribute to the financial stability and success of BIGHIT MUSIC.
While facing challenges and a slight dip in operating profit compared to the same quarter in 2023, HYBE Labels remains optimistic about future prospects. With BTS member Jin expected to resume activities and embark on world tours in the upcoming quarters, following his discharge from the military, sales and operating profits are anticipated to significantly increase.
More details about HYBE’s financial report for 2024 Q1
HYBE Labels, the powerhouse behind global acts like BTS and SEVENTEEN, reported a 12% decrease in total sales for Q1 of 2024 compared to the same period in 2023. Despite the decline, the company focused on successfully launching new artists like TWS and ILLIT.
Sales from digital music, albums, and participatory content constituted 60% of Q1 sales, with concerts by SEVENTEEN, ENHYPEN, and &TEAM contributing significantly. However, the operating profit saw a 73% decrease due to the inactivity of major artists.
CEO Park Ji Won acknowledged the challenges faced by HYBE Labels and assured shareholders of ongoing efforts to address them, emphasizing the commitment to improvement in the multi-label system. The internal audit of subsidiary ADOR revealed issues, prompting corrective measures. Despite setbacks, HYBE remains dedicated to advancing and evolving its operations.
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