On May 2, HYBE Labels reported its sales and operating profits for the first quarter of 2023.
First, Q1 of 2023 ushered in a new era of HYBE Labels, seeing the most diverse lineup of artists in the company’s history participating in various promotions. Altogether, HYBE Labels artists sold over 9 million albums this quarter.
In sales, HYBE Labels recorded 410.6 billion KRW (~ $306.5 million USD) for Q1 of 2023, while its operating profit hit 52.5 billion KRW (~ $39.2 million USD). Sales increased by 44.1%, and operating profit increased by 41.7% compared to the same quarter in 2022.
In Q1, BTS’s Jimin sold 1.45 million albums, TOMORROW x TOGETHER sold 3.14 million albums, and NewJeans sold 1.3 million albums. Seventeen, who did not release a new album in the first quarter of 2023, also sold 1.27 million copies of their past albums.
Meanwhile, the second quarter will reflect sales and tour revenues from BTS member SUGA’s solo activities, Seventeen’s 10th mini album activities, LE SSERAFIM’s 1st full album activities, and ENHYPEN’s 4th mini album activities. HYBE Labels will also launch its new boy group BOYNEXTDOOR on May 30.