- Hybe's Q1 revenue hit a record $473M, driven by BTS's comeback and artist portfolio growth.
- The Grammy-nominated group is back after an extended hiatus due to South Korea's mandated military service.
- Hybe says it expects more growth across its portfolio, with new releases from groups like TXT.
Hybe, the mega K-pop label behind the band BTS, just had a banger quarter.
Hybe on Wednesday afternoon reported its highest-ever first-quarter revenue of 698.3 billion Korean won, or around $473 million.
The company attributed the bumper earnings to "BTS's long-awaited comeback" and "continued growth" across its artist portfolio.
Hybe said in a media release that the company saw a 25% year-on-year increase in revenue to 403.7 billion Korean won from "artist-driven activities," including recorded music, concerts, and advertising.
Revenue from recorded music doubled to 271.5 billion Korean won, the company said, saying the rise was due to BTS's long-awaited comeback album, "Arirang."
"Arirang" debuted and stayed at the first place on the Billboard 200 for three consecutive weeks. Album sales-wise, BTS also came close to breaking the first-day sales record of 6.4 million copies — a title that's held by Seventeen, another band under the Hybe umbrella.
"Looking ahead, HYBE expects continued growth momentum in the second quarter, supported by BTS' global tour and major artist comebacks from TOMORROW X TOGETHER, LE SSERAFIM, TWS, ILLIT, and CORTIS," the company said in a statement on Wednesday.
BTS, the seven-member Grammy-nominated powerhouse, embarked on its world tour in April. This is the band's first tour since beginning an extended hiatus in 2022 due to mandatory military service in South Korea.
There are now 85 stadium shows scheduled across 34 countries, making it one of the biggest global tours in K-pop history.
The group is now in the middle of its US tour leg. They played shows in Tampa from April 25 to 28, and will hit around a dozen cities in North America by the end of the tour.
