K-pop powerhouse Hybe Co. announced on Tuesday that its net income during the April-June period of this year had risen 18.7% year-on-year, owing to the strong sales of albums and tickets by its artists, including BTS, NewJeans, and Seventeen.
The company reported a net profit of 117.4 billion won (US$89.8 million) for the quarter, compared with 98.9 billion won in the same period last year. Operating income was down 7.9% to 81.3 billion won, though sales increased 21.2% to 621 billion won.
Albums, concerts, and appearance fees saw a 33.9% year-on-year surge to 436.3 billion won, while revenue from merchandising, licensing, and fan community platforms decreased 1% to 184.5 billion won due to weak content sales.
The cover of "Beyond the Story: 10-year Record of BTS," K-pop juggernaut BTS' book commemorating their 10th debut anniversary, is seen in this photo provided by BigHit Music. (PHOTO NOT FOR SALE) (Yonhap)
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