SEOUL, South Korea (CelebrityAccess) — South Korean entertainment company Hybe reported big gains in both revenue and net profits for the first half of 2022, with K-Pop artists such as BTS’s Suga and the girl group New Jeans leading the way.
For the company’s second quarter, Hybe reported revenue of KRW 1.316 trillion ($1 billion) in sales and KRW 133.9 billion ($101.9 million) in operating profit for the first half of 2022, marking the first time Hybe has generated more than 1 trillion won in revenue during the first half of a year.
According to Hybe, album sales for their K-pop clients such as Suga, LE SSERAFIM, and Seventeen have already surpassed sales for the entirety of 2022, with 22.7 million album copies sold by mid-year.
Hybe also attributed their success to live shows, including Tomorrow X Together, who performed in South Korea, Southeast Asia, Japan, and the U.S. during the first half of 2023, doubling attendance from last year.
Additionally, BTS member Suga ventured out on his first solo tour, with approximately 290,000 fans turning out for 28 concerts in 10 cities.
Hybe also reported on the growth of their WeVerse social media app, with key stats such as monthly active users and average revenue per users slowing but still growing when measured against the same period in 2022.
