People are showing interest in HYBE's wealth after knowing the amount spent for LE SSERAFIM's YouTube content and debut. Curious about the cost? Read on to know!
HYBE Spends THIS Much to Film LE SSERAFIM's 'DAY OFF'
On August 3, attention was focused on what would happen if affluent agencies decided to make YouTube content.
In particular, the discussion started when an article, "The Dignity of Rich Agencies," was shared around online communities such as Fomos. The post captured and featured the web entertainment "DAY OFF" of LE SSERAFIM, a five-member girl group launched by Source Music under HYBE.
"DAY OFF," which was released on the official YouTube channel of LE SSERAFIM on July 13, features the members who finished their schedules suddenly leaving the hotel without notice and spending time together.
Source Music specifically prepared a special time to commemorate the successful end of their activities for their first mini-album.
ALSO READ: Here's How 6 Members of LE SSERAFIM Were Scouted by HYBE
As the group's show continued to attract attention even after about month, viewers found out that the accommodation where the quintet stayed at is the Banyan Tree Hotel in Jung-gu, Seoul.
According to the post, the total cost of their stay amounted to 10 million KRW (7,645 USD). Since the two floors of the hotel were rented, the amount is expected to be considerable. However, the scale is enormous to say that it was simply spent to film YouTube content.
But this was not shocking. Wikitree mentioned that HYBE is actually known to invest about 40 billion KRW (30.6 million USD) annually to debut LE SSERAFIM, as well as NewJeans. The aforementioned cost is also the starting budget for other girl groups set to debut under HYBE.
HYBE Reveals Sales, Operating Profit For 2nd Quarter of 2022
Meanwhile, HYBE proved its position as the No.1 K-pop agency after making its biggest quarterly performance ever.
On Aug. 3, HYBE announced:
"In the second quarter of this year, sales and operating profit recorded 512.2 billion won ($391.6 million) and 88.3 billion won ($67.5 million) (based on K-IFRS connection, preliminary settlement figures before external auditors' review was completed)."
Compared to the same period last year, sales increased 83.8% and operating profit increased 215.3%. This is the highest quarterly figure ever. Net profit during the same period was 93 billion won, an increase of 359.3% year-on-year.
On the other hand, HYBE is the main agency of labels such as Bif Hit Music, Belift Lab, Pledis Entertainment, Source Music, ADOR and KOZ Entertainment.
The artists under HYBE include BTS, TXT, ENHYPEN, SEVENTEEN, fromis_9, LE SSERAFIM, NewJeans, Zico, etc.
Among them, newcomers such as LE SSERAFIM contributed to the growth of the company after achieving more than 410,000 sales with its debut album "FEARLESS," as well as it entered the U.S. Billboard chart and the Oricon chart in Japan.
Check out LE SSERAFIM's "DAY OFF" EP. 1 here:
READ MORE: LE SSERAFIM's Debut a Success? 7 Best Achievements of Group So Far
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Written by Eunice Dawson
