HYBE Corporation has achieved its 'highest quarterly earnings ever' since its inception.
According to the preliminary earnings report for the third quarter of 2023 released by HYBE on November 2, the company recorded sales of 537.9 billion won (approximately USD 437 million). This marks a 20.7% increase compared to the same period last year.
A HYBE representative attributed this success to "the solo activities of BTS members and other artists under the label." With BTS members enlisting in the military, the focus shifted more towards their solo activities, each contributing uniquely.
Q3 2022 - J-Hope
J-Hope kicked off the individual activities of BTS with the release of 'Jack In The Box' in July 2022. Making history as the first Korean artist to headline the U.S. Lollapalooza festival, J-Hope recorded an initial sales figure of 360,000 units and reached No. 82 on the 'Billboard Hot 100.' HYBE's revenue during the third quarter of 2022, when J-Hope started his activities, was 445.5 billion won. J-Hope enlisted in the military in April and is currently serving.
Q4 2022 - Jin, RM
Following J-Hope, Jin was the next to embark on solo endeavors before his military enlistment. In October, he released the single 'The Astronaut,' recording initial sales of 770,000 units. Jin, born in 1992, enlisted in December and is currently fulfilling his military duty. RM closed 2022 by releasing 'Indigo' with 10 tracks, achieving initial sales of 610,000 units. HYBE's revenue in Q4 2022 reached 535.3 billion won, a 20.2% increase from the previous quarter, bolstered by Jin and RM's sales.
Q1, Q2 2023 - Jimin, Suga
Jimin was the first BTS member to release solo work in 2023 with 'Face' in March, achieving record-breaking initial sales of 1.45 million units, the highest for a solo artist. HYBE's Q1 2023 revenue skyrocketed by 44.1% year-over-year to 410.6 billion won, largely due to Jimin's contribution. In April, Suga debuted solo with 'D-Day,' recording initial sales of 1.27 million units. Q2 2023 revenue rose 21.2% year-over-year to 621 billion won.
Q3 2023 - V
In the third quarter, V's album 'Layover' released in September had the most significant impact on album sales. It achieved initial sales of 2.1 million units and contributed 264.1 billion won to HYBE's revenue, a substantial portion of the 382.4 billion won from direct participation-type sales like concerts and endorsements. With a total quarterly revenue of 537.9 billion won, V's influence was paramount.
The outlook for Q4 is also promising. On the 3rd, Jungkook released his solo album 'Golden' globally, recording an initial sales figure of 2.43 million units, surpassing V's record. Jungkook also set a record for the highest sales by a K-pop solo artist in the U.S. in the first week, with over 200,000 units sold.
HYBE is witnessing a steep growth trajectory, powered by the solo activities of BTS members. The company is expected to achieve sales of 2 trillion won for the first time this year, following a steady rise from 301.3 billion won in 2018, 587.2 billion won in 2020, and 1.7761 trillion won last year.
