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| ▲ K-pop boy group BTS is seen in this photo provided by BigHit Music. (PHOTO NOT FOR SALE) (Yonhap) |
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| ▲ This undated file photo shows the logo of Hybe, the K-pop company behind boy group BTS. (Yonhap) |
(LEAD) Hybe-Q1 earnings
(LEAD) Hybe's Q1 operating profit up 41.5 pct to 52.5 bln won
(ATTN: UPDATES with Hybe's conference call on Q1 report)
SEOUL, May 2 (Yonhap) -- Despite its biggest boy group BTS' pause in group projects due to members' military service, the K-pop company behind the group, Hybe, has reported a significant improvement in its first-quarter results, backed by the success of their solo projects.
The company reported an operating profit of 52.5 billion won (US$39.1 million) for the first quarter of 2023, up 41.7 percent from the same period last year, according to a regulatory filing based on tentative calculations.
The company's sales also rose 44.1 percent year-on-year to 410.6 billion won, while its net profit surged 62.5 percent to 49.8 billion won.
By sector, sales from "direct involvement" by its artists, such as album sales, concert revenue and appearance fees, soared 53.9 percent to 234.5 billion won, with album sales jumping 185.1 percent.
Hybe attributed the surge to the success of BTS member Jimin, who topped the U.S. Billboard Hot 100 songs chart with the solo song "Like Crazy" last month, along with the sales of 1.27 million copies of previous albums by Seventeen during the period. Robust sales of albums by other K-pop acts, such as NewJeans and Tomorrow X Together, also contributed to the results, the company added.
Revenue from the artist indirect involvement sector, which covers merchandising and licensing, rose 32.8 percent to 176.1 billion won, led by a 79.8 percent increase in licensing.
The company's fan community platform, Weverse, saw its monthly active users increase 10 percent to 9.3 million in the first quarter, while the viewership of its streaming service, Weverse Live, rose 78.3 percent to 460 million views. The streaming service's average usage time also increased 38.7 percent to 251 minutes per month.
"Through the various activities of BTS members, we were able to increase our interaction with fans, and we will do our best to fill the gap during their military service through solo projects," Hybe CEO Park Ji-won said in a conference call to announce the first-quarter results.
Hybe announces highest-ever Q1 performance[https://youtu.be/9tNTVSnGo5M]
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