Despite the breakup of K-pop sensation BTS, Hybe (KRX: 352820) generated a whopping $306 million in the opening quarter of 2023 as multiple high-profile releases fueled a triple-digit increase in album earnings, according to a new earnings report.
Seoul-based Hybe released its financial results for the first quarter of 2023 today, just weeks after it entered a highly publicized takeover battle with SM Entertainment and Kakao Corp. had finished. This is according to the performance analysis provided in English by the owner of Quality Control as part of the planning of a global plan Expansion – Hybe spent ₩410.37 billion (US$306.23 million) in January, February and March this year dollars at the current exchange rate).
The total represents an increase of about 44% from the same period in 2022 and a decrease of 23% from the trailing three months of last year, according to the resource. However, the BTS agency also reported increased Adjusted EBITDA and net income of 49 ₩.81 billion ($37.17 million) for the first quarter, up approximately 128.5% quarter-on-quarter (QoQ) and 62.5% year-on-year (YoY).
Behind total revenue, Hybe cited ₩234.49 billion/US$174.98 million in direct earnings from artists, including ₩24.97 billion/US$18.62 million from advertising, gigs and management (down 67% vs The remaining ₩184.29 billion/US$137.39 million is from concerts (up 25.1% sequentially and 185.1% year-on-year). the previous year).
For reference, Jimin dropped Face on March 24 while Suga made it D Day Available to fans on April 21st or outside of the Q1 window. But seventeen FML is said to have pre-ordered about four million copies ahead of its April 24 debut, while NewJeans sold 1.3 million units in the first quarter. OMG singles album.
On the artist-indirect side, Hybe reported ₩68.92 billion/$51.48 million in merch and royalties revenue in the first quarter (down nearly 39% sequentially and nearly 1% year-on-year),87 ₩25 billion/US$65.05 million from “Content” (down 24.2%). % sequentially, but up 79.8% year-on-year) and ₩19.97 billion/$14.89 million from WeVerse Fan Club and related operations (up 8.8% sequentially and increased by 37.3% compared to the previous year).
As for the latter, WeVerse’s monthly active users are said to have surpassed 9.3 million in the first quarter – up from 4.9 million in the first quarter of 2021. Although the average revenue per paying user since the first three months of the year 2022, Hybe mentioned a slight “payment amount trend” increase for WeVerse in the first quarter of 2023.
In addition, WeVerse’s “active communities” increased from 74 in December to 82 in the quarter, with total live event views totaling 460 million (up from 258 million in Q4 2022) and average monthly usage minute per fan exceeding 250 (from 181). in the fourth quarter), the report shows.
Logic suggests that overall numbers (and MAUs in particular) will increase throughout 2023 as non-Hybe acts join the fan interaction platform. It’s also worth noting that in addition to the recently launched digital currency and artist private chats, Hybe is also offering new WeVerse features including fan-made merch (expected to launch in June 2023) and subscription memberships (Q3 2023).
At the time of writing, Hybe stock had continued to rise since Monday’s close, up nearly 6% to ₩301,500 per share, or as much as $225.00 at the current exchange rate.