SEOUL, South Korea (CelebrityAccess) — Hybe, one of the world’s leading K-pop agencies, posted record revenue in 2023, generating a reported 2.18 trillion KRW, approximately $1.6 bn USD and an increase of more than 31 percent over the previous year.
Net profits for Hybe during the 2023 fiscal year were reported as 186.5 billion KRW, roughly 140 million USD at the current exchange rate. Year over year, that represents a 288.4% improvement on net profits reported by the company in 2023
Hybe’s earnings for 2023 were driven primarily by the company’s recorded music operations, which generated revenue of 1.4 trillion KRW, up by more than 75 from the previous fiscal year.
Concerts were also a key revenue driver for Hybe in 2023, generating revenue of 89 billion KRW, up by 38.4% year-on-year.
Results were weighed on by merchandising, which fell by more than 40% to 59 billion KRW, and advertising, which declined year-over-year by 30.6% to 52.4 billion KRW.
Hybe’s results come despite their best-known act, the K-pop group BTS pausing while several of the band’s members fulfill their obligations to the South Korean military. Hybe’s success for 2023 was bolstered by solo tours by BTS member Suga, as well as tours by the group Seventeen, Tomorrow X Together, and Enhypen, who performed in stadiums across the U.S. in 2023.
