Led by solid sales and a world tour by the community Seventeen, K-pop wide HYBE’s third quarter revenues grew 20.7% 365 days-over-365 days to 537.9 billion won ($410 million on the quarter’s realistic replace price), the South Korean company announced Thursday (Nov. 2).
When counted over the predominant nine months of 2023, Seventeen equipped 11 million albums, including 5.1 million copies of Seventeenth Heaven, an eight-observe EP, within the week after its Oct. 23 launch. Seventeen also performed 18 events in nine cities all the device through Asia, including reveals at Japan’s five predominant domed stadiums that attracted 515,000 followers. Within the third quarter alone, Seventeen performed two reveals on the Tokyo Dome in Japan as nicely as a concert at Gocheok Sky Dome in Seoul, South Korea.
HYBE also pointed to a string of worthwhile solo releases by contributors of BTS for contributing within the quarter. V’s Layover equipped 2.1 million albums within the week after its Sept. 8 launch. J-Hope’s Jack within the Box, launched July 15, reached No. 1 on the Tunes chart in 49 markets. D-Day by Agust D, ceaselessly identified as BTS member Suga, performed 28 events in 10 cities in North The United States and Asia.
HYBE’s tune sales of 264.1 billion won ($201 million) was once up 104.4% from the prior-365 days interval and was once 7.4% higher than the 245.9 billion won ($187 million) within the second quarter. Dwell performance revenue was once up 83.9% 365 days over 365 days to 86.9 billion won ($66 million) however fell 44.8% from the prior quarter.
The company’s acquisition of Atlanta-primarily primarily primarily based hip hop tag Quality Control has snappy made a significant affect. Dwelling to such artists as Migos and Lil Minute one, Quality Control accounted for 19% of HYBE’s streaming revenue within the quarter.
Mighty Machine Set Community, picked up in 2021 throughout the acquisition of Scooter Braun’s Ithaca Holdings, contributed 27% of third-quarter streaming revenue while South Korean labels took a 54% half.
Weverse, HYBE’s social media platform, elevated its month-to-month active customers to 10.5 million within the third quarter from 9.5% within the old quarter and 6.9 million within the third quarter of 2022.
Shares of HYBE won 5.4% to 243,000 won ($180.89) in early procuring and selling on Thursday in South Korea.
- Total revenues grew 20.7% to 537.9 billion won ($410 million).
- Track revenues won 104.4% to 264.1 billion won ($201 million).
- Dwell performance revenue jumped 83.9% to 86.9 billion won ($66 million).
- Merchandising and licensing revenue fell 25.3% to 85.7 billion won ($65 million).
- Fan membership revenue grew 21.3% to 21 billion won ($16 million).
- Adjusted EBITDA grew 13.1% to 90.8 billion won ($69 million).
- Salvage revenue improved 5.9% to 98.6 billion won ($75 million).
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