HYBE net profit rises 11 percent in the first quarter
HYBE’s net profit rose 11 percent in the first quarter on year to 15.8 billion won on 178.3 billion won of sales, up 29 percent.
Operating profit for the lifestyle and entertainment company came in at 21.7 billion won, up 9 percent on year. According to Yonhap, this figure fell short of analyst expectations.
The company said its performance was driven mainly by merchandise sales and licensing. Growth of its concert and album-related business was relatively slow due to the lack of new albums in the first quarter. HYBE manages BTS.
The company listed on the Korea Exchange last year as Big Hit Entertainment and changed its name earlier this year. In April, it announced its acquisition of Ithaca Holdings, a U.S. company that is involved in the management of a number of major stars.
In its quarterly earnings announcement, the company said it plans to use the intellectual property (IP) of artists signed to Ithaca Holdings to diversify its portfolio, while also supporting its Korean artists in entering the global music market.
"Major artists from the HYBE Labels including BTS, Tomorrow X Together as well as NU'EST and Enhypen will be releasing new music in the second quarter [of 2021]," HYBE CEO Park Ji-won said.
BY YOON SO-YEON [firstname.lastname@example.org]