HYBE Hits Record-Breaking Annual Revenue of 2 Trillion KRW for Second Year in a Row
In a stellar achievement, HYBE, the powerhouse behind global sensations BTS, ENHYPEN, and more, has once again made history by surpassing 2 trillion KRW (~1.4 billion USD) in annual revenue for the second consecutive year.
Declared on February 25, HYBE's exceptional growth trajectory was highlighted with the official statement: "Following our groundbreaking milestone as the first Korean entertainment company to cross the 2 trillion KRW revenue mark in 2023, we are delighted to announce another remarkable record in 2024, fueled by sustained performance growth."
For the fiscal year 2024, HYBE reported a consolidated revenue of 2.2545 trillion KRW (~1.6 billion USD), signaling a 4% surge compared to the previous year and securing an unprecedented high for the company. While direct participation revenue experienced a slight dip of 1.8% to 1.4453 trillion KRW (~1.01 billion USD), indirect participation revenue saw a notable upswing of 14.5% to 809.3 billion KRW (~566 million USD). Despite a decline of 11.3% in album sales, the performance sector witnessed a remarkable 25.6% growth, counterbalancing the shortfall in album sales, largely facilitated by the evolving fan consumption patterns post-pandemic.
Notably, HYBE's artists continued their chart-topping spree, with their dominance on the annual Circle Chart soaring from 38% in 2023 to an impressive 40% in 2024. Seventeen cemented their status as a "ten million seller" for the second consecutive year, surpassing 10 million album sales. TXT showcased their prowess by placing two albums in the Circle Chart's annual top 10 and securing three spots on Japan's Oricon year-end chart.
In a stellar display of global appeal, ENHYPEN achieved sales of 5.45 million albums in 2024, ranking 8th on the U.S. annual album chart and 9th in Japan, solidifying their international fanbase. Meanwhile, NewJeans triumphed with over 3 million album sales, emerging as the leading female K-pop artist. Additionally, BOYNEXTDOOR achieved the coveted million-seller status within just 18 months of their debut, propelled by their hit track "IF I SAY, I LOVE YOU."
The digital music landscape witnessed HYBE's exemplary performance, with a striking presence on the Circle Chart's Global K-pop Chart, boasting 15 songs from their artists in the top 20. Individual successes shone through as BTS members Jin, Jimin, V, and Jungkook showcased their solo talents on the Billboard Hot 100, alongside RM's feature on Megan Thee Stallion's "Neva Play." LE SSERAFIM also made waves with chart-topping hits "EASY" and "CRAZY."
Debuting last year, TWS clinched the top spot on Melon's annual chart with "Plot Twist," while ILLIT etched their name in history as the first K-pop group to debut on both the Billboard Hot 100 and the UK Official Singles Top 100 with their track "Magnetic."
The year 2024 saw HYBE's artists captivating audiences with 147 concerts and 25 fan meetings, setting a new record for concert revenue generation. Notably, Seventeen, ENHYPEN, and TXT commanded the top positions on Billboard's '2024 K-pop Concert Revenue Chart.' The fourth quarter alone witnessed a meteoric rise in concert revenue, surpassing 188.9 billion KRW (~132 million USD) and more than doubling the figures from the corresponding period in 2023.
Emboldened by the success in merchandising and licensing revenue, which escalated by 29.1% to reach 420 billion KRW (293.4 million USD), HYBE capitalized on the demand for tour-related merchandise, including official light sticks, fueled by the extensive world tours undertaken by their artists. Noteworthy surges were observed in sales of character-themed products from BTS, Seventeen, and TXT.
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