Hybe Reports Record Earnings for Q2 Despite Dip in Operating Profit
Chloe Kim / Published August 7, 2024 09:40 PM
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Chloe Kim
Courtesy of HYBE
Hybe Corporation announced on Wednesday that it achieved a record quarterly revenue of 640.5 billion won (approximately US$466 million) for the second quarter of 2024.
This figure represents a modest increase from the 621 billion won reported during the same period last year. However, the company experienced a significant decline in operating profit, which fell by 37 percent year-on-year to 50.9 billion won. The decrease in operating profit was attributed to the substantial initial investments made in new business ventures and the expansion of its artist roster.
Despite the absence of its flagship artist, BTS, Hybe has demonstrated resilience. The company achieved the 1 trillion won earnings milestone for the first half of the year, marking the second consecutive year it has reached this financial benchmark. This performance was largely supported by a 1.5 percent increase in music sales, which amounted to 249.5 billion won. Additionally, Hybe's artists collectively sold 15 million albums in the first half of 2024, capturing approximately one-third of the album sales market in South Korea.
The record earnings underscore Hybe's ongoing growth and strategic investments, which have positioned it strongly in the competitive entertainment industry.
Sayart / Chloe Kim, 2022chloe.k@gmil.com
Courtesy of HYBE
Hybe Corporation announced on Wednesday that it achieved a record quarterly revenue of 640.5 billion won (approximately US$466 million) for the second quarter of 2024.
This figure represents a modest increase from the 621 billion won reported during the same period last year. However, the company experienced a significant decline in operating profit, which fell by 37 percent year-on-year to 50.9 billion won. The decrease in operating profit was attributed to the substantial initial investments made in new business ventures and the expansion of its artist roster.
Despite the absence of its flagship artist, BTS, Hybe has demonstrated resilience. The company achieved the 1 trillion won earnings milestone for the first half of the year, marking the second consecutive year it has reached this financial benchmark. This performance was largely supported by a 1.5 percent increase in music sales, which amounted to 249.5 billion won. Additionally, Hybe's artists collectively sold 15 million albums in the first half of 2024, capturing approximately one-third of the album sales market in South Korea.
The record earnings underscore Hybe's ongoing growth and strategic investments, which have positioned it strongly in the competitive entertainment industry.
