HYBE Reveals Sales and Profit for First Quarter of 2021 and Plans for Ithaca Holdings

HYBE (formerly known as Big Hit Entertainment) has released their sales and operating profit for the first quarter of this year. The company even shared what they plan to do for the artists under Ithaca Holdings.

HYBE Announces Sales and Profit for First Quarter of 2021 and Projects for Ithaca Holdings

On May 4, BTS's management agency, HYBE, revealed through a public announcement the total sales and operating profit they earned for the first quarter of the year (January to March). The company shared that they gained sales of 178.3 billion KRW (159,231,544 USD) and a total operating profit of 21.7 billion KRW (19,303,488 USD).

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While this amount was a preliminary settlement figure before the review by external auditors, HYBE still saw an increase in both aspects. Their sales rose by 29% and their operating profit improved by 9%.

According to HYBE (formerly known as Big Hit Entertainment), the increase comes from their good performance in sales of merchandise and IP content of major artists. They earned 64.7 billion KRW in merchandise sales record, which is 89% higher than their previous gain. As for the IP content, the agency saw a whopping 360% rise, reaching 33.7 billion KRW.

In addition to this, the proportion of indirect artist participation-type sales rose by about 12% compared to the previous quarter (fourth quarter of 2020), reaching around two-thirds of their total sales.

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The global community platform, Weverse, also continued to grow. The monthly active users averaged 4.9 million in the first quarter, a slight increase from the previous quarter.

BTS's management company then said that it will be possible to operate independently and efficiently for each division through the reorganization of the three major pillars: HYBE Labels, HYBE Solutions, and HYBE Platforms. This includes the decision to separate the material of Big Hit Music, which was recently carried out.

Park Ji Won, CEO of HYBE, stated that in the second quarter of the year, major artists of HYBE labels will be active, including NU'EST and ENHYPEN who have already successfully made a comeback, as well as BTS and TXT who are set to return this month.

Apart from that, HYBE also presented their plans for a business synergy with Ithaca Holdings, which they recently acquired. They shared that they will combine their solution and platform capabilities, which they will use with the IP content from renowned stars like Ariana Grande and Justin Bieber.

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Moreover, HYBE shared that they will be using Ithaca Holding's expertise and network to foster new artists and expand their Korean artists' entry into the U.S and global markets.

HYBE Launches Auditions in Japan

Meanwhile, HYBE Labels Japan, the subsidiary of HYBE, announced their search for trainees. This is the first audition held by the company in Japan, and it encourages both genders to apply. Aspiring artists have to be citizens of Japan and born after Jan. 1, 2001.

Applicants may send a photograph of themselves to HYBE Labels Japan through the LINE messaging app. The audition will be conducted for a limited time only, although no closing deadline was announced.

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Written by Mhaliya Scott