HYBE has revealed their sales and operating profit in the second quarter of 2021. The company saw a striking increase in both areas compared to the previous quarter.
On Aug. 5, HYBE (formerly Big Hit Entertainment) announced their sales and earnings (subject to change) from April to June of the year. They also disclosed their total album sales from the sales of their artists: BTS, TXT, SEVENTEEN, and more.
HYBE Reveals Their Sales and Operating Profit in the Second Quarter of 2021
According to Bang Si Hyuk, HYBE's sales in the second quarter of 2021 totaled 278.6 billion KRW, which is approximately 244 million USD.
Compared to HYBE's sales in the first quarter of the year (from January to March), their sales in the past three months increased by 56%.
Other than this, the company's latest sales also saw 79.24% growth from the same period of 2020.
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In terms of HYBE's operating profit in the second quarter of 2021, it summed up to 28 billion KRW (the company's interim settlement figures). It is 24.5 million when converted to USD.
The agency's latest earnings showed a 23% rise compared to their profit in the first quarter. However, it was down by 6.23% from the same period of 2020.
HYBE's improvement in sales and operating profit in the second quarter of 2021 owes to the album sales of their artists and the steady growth of their global fan community platform, Weverse.
In particular, because of the full-fledged activities of its artists, the album and business divisions grew significantly, leading to a rise in the label's sales.
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HYBE's album sales in the second quarter of 2021 increased by a whopping 96%, recording a total of 107 billion KRW (approximately 94 million USD). This is thanks to the impressive album sales by BTS, TXT, SEVENTEEN, ENHYPEN, and the other artists of Big Hit Labels who made a comeback in the past three months.
Moreover, the company's revenue from advertising, performance, and management equaled 21.6 billion KRW (almost 19 million USD). This shows 77% growth compared to the first quarter of the year.
Concerning HYBE's Weverse, it saw a slight increase in users. The average number of monthly active users (MAU) of the platform from April to June was around 5.3 million, up by 9% from the previous quarter.
Weverse also saw more than a 50% rise (QoQ) in the Average Revenue Per Paying User (ARPPU).
HYBE Emphasizes Their Plan to Expand Their Global Business during the Recent Conference
Apart from revealing HYBE's sales and operating profit in the second quarter of 2021, CEO Park Ji Won also talked about their plan of extending their global business.
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He emphasized once again that they will expand HYBE's global business by strengthening the management of their Korea, United States, and Japan bases.
Park Ji Won added that they will establish a management system centered on the board of directors to sustain management transparency.
HYBE CEO went on to say that they expect significant growth in sales and operating profit in the second half of 2021 due to the reflection of their product sales and the activities of the artists.
Park concluded that they will continue to explore new business opportunities through collaboration.
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Written by Mhaliya Scott
