HYBE reports Q3 operating profit decline and focuses on continued growth through artist activities
HYBE announced on November 5th KST that its consolidated operating profit for Q3 dropped by 25.4% to 54.2 billion KRW compared to the same period last year.
Sales reached 527.8 billion KRW, down by 1.9% year-on-year, with net profit shrinking by 98.6% to 1.4 billion KRW.
Of the 527.8 billion KRW in Q3 sales, direct participation sales from albums, concerts, and advertising reached 323 billion KRW, with album/music and concert revenue falling by 18.8% and 14.8%, respectively. Indirect participation sales, including MD and licensing, content, and fan club revenue, rose 31.8% year-on-year to 204.9 billion KRW.
HYBE also saw notable achievements, such as their new global girl group KATSEYE debuting their album SIS on the Billboard 200 for two consecutive weeks.
HYBE’s fan platform, Weverse, recorded 9.7 million monthly active users (MAU), an increase of approximately 100,000 from the previous quarter, though a decrease of around 900,000 year-on-year.
With cumulative sales reaching 1.5292 trillion KRW for the first three quarters, HYBE expects to achieve its annual sales goal of 2 trillion KRW for the second consecutive year.
In Q4, HYBE plans various artist activities, including BTS’s Jin, who will release his first solo album ‘Happy’ on November 15th. SEVENTEEN, who returned in October with their 12th mini album, will continue their world tour into early next year.
SEE ALSO: Employees accused of insider trading and selling HYBE stock before BTS’s hiatus say they didn’t know it was “undisclosed information”
