On August 3, HYBE Labels revealed its total sales and operating profits for the 2nd quarter of 2022.
First, HYBE reported a total sales amount of 512.2 billion KRW (~ $391 million USD) in the 2nd quarter of 2022, an 83.8% increase from the same quarter in 2021. The company also reported a total operating profit of 88.3 billion KRW (~$ 67.5 million USD), a whopping 215.3% increase from the same quarter in 2021.
In the 2nd quarter of 2022, HYBE Labels acquired approximately 64% of sales from label artist concerts and album sales. Under the multi-label system, HYBE Labels teams including BTS, Seventeen, TOMORROW x TOGETHER and ENHYPEN sold over 1 million albums each. (Of the listed artists and their album sales, ENHYPEN’s album sales will count toward the 3rd quarter of 2022.) Overall, HYBE Labels artists sold a total of 8.53 million albums in the 2nd quarter of 2022, a whopping 42% of the Circle Chart’s total album sales for this quarter.
Furthermore, the company recorded over 85 billion KRW (~$ 65 million USD) in sales from artists’ concerts, including from BTS’s ‘Permission To Dance – Las Vegas’ and Seventeen’s Seoul concert.
Meanwhile, HYBE Labels intends on strengthening its multi-label system, seeking to debut more new artists in 2023. The company is currently preparing to launch its new boy group in Japan through the ‘&AUDITION’ project by the 4th quarter of 2022. In 2023, the company is expected to focus on the launch of its first American idol group.