HYBE sees 79 percent increase in net profit in Q1

Industry

Published: 03 May. 2022, 19:02

HYBE sees 79 percent increase in net profit in Q1

BTS's concert at the Allegiant Stadium in Las Vegas, Nevada, last month [HYBE]

HYBE reported 30.8 billion won ($24.3 million) in net profit during the first quarter of this year, a 79 percent surge thanks to the BTS concerts that attracted the highest number of audiences for any K-pop act since the beginning of the pandemic.

The entertainment company’s revenue was 285 billion won during the January-to-March period, 60 percent higher than the year prior. Operating profit stood at 37 billion won, which was 63 percent more than the first quarter 2021.

Net, operating profit and revenue were all lower than market consensus compiled by FnGuide.

HYBE cited the three BTS concerts that took place in March as having led the profits and revenue. The concert, held both offline and streamed globally online, attracted 45,000 offline concertgoers at the Olympic Stadium in Jamsil, southern Seoul, and 1 million online viewers from 191 countries.

“It is a blessing for HYBE to be with BTS and we plan to support BTS in all ways we can to make sure that the group keeps growing without a hiccup,” Park Ji-won, CEO of HYBE said in a conference call.

The company said it expects an even better performance in the second quarter with new releases from its artists as well as revenue from BTS's concerts held in Las Vegas in April.

Girl group Le Sserafim made its debut Monday and 380,000 copies of its first EP “Fearless” were preordered. BTS is set to release a new album on June 10.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]