HYBE Labels has reported its performance results for the third quarter of 2023.
The entertainment company reported 537.9 billion KRW (~ $400 million USD) in sales and 72.7 billion KRW (~ $54.3 million USD) operating profits, a 21% increase in sales and 20% increase in operating profits from the same quarter in 2022.
In Q3, artists including BTS's V, Jungkook, Seventeen, TOMORROW x TOGETHER, and NewJeans demonstrated their selling power with physical albums and digital streams and downloads. Revenues from LE SSERAFIM's first world tour 'Flame Rises', Seventeen and ENHYPEN's tour merch sales, and sales of BTS's official 10th anniversary photobook, 'Beyond The Story', were also reflected in this quarter.
Lastly, HYBE Labels is expected to witness stronger performance in the fourth quarter, notably in physical albums sales with back-to-back album releases including BTS Jungkook's 'Golden', Seventeen's 'Seventeenth Heaven', TOMORROW x TOGETHER's 'The Name Chapter: Freefall', and ENHYPEN's 'Orange Blood'.
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HYBE IS DOMINATING THE KPOP INDUSTRY