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K-pop sensation BTS enlisted in the South Korean military as of December 2023. Even though all seven members had different enlistment dates, Namjoon, Jungkook, Jimin, and Taehyung enlisted on December 11 and 12, while J-Hope enlisted in April and Suga in September last year. Meanwhile, the eldest of them all, Kim Seok-jin, enlisted in December 2022 and would shortly get discharged in June 2024.
On March 23, 2024, South Korean media outlet Newsis reported that HYBE declared on February 26 that its consolidated sales were 2.1781 trillion won (approx. $1.63 billion), with an operating profit of 295.8 billion won (approx. $219 million). Other HYBE musicians contributed to the profit. However, BTS still contributed over 50% of the company's overall earnings and streaming trend.
In 2023, the total number of album units sold by Hybe artists was 43.6 million, double the amount from the previous year. BTS' solo albums sold 8.7 million copies worldwide, showing a good performance; Seventeen's album sales totaled 16 million. Future X Together, Enhypen, and NewJeans, three more K-pop bands, sold 6.5 million, 3.88 million, and 4.26 million units, respectively.
BTS members are the highest charting from HYBE despite serving their enlistment
The septet continues to deliver content even after their enlistment. On March 29, 2024, J-Hope's docuseries HOPE ON THE STREET will premiere on Disney+, along with his second solo album of the same moniker. Suga's YouTube videos, such as Suchwita, premiered over ten episodes after the star enlisted. Furthermore, Suga's world tour concert film D-DAY: THE MOVIE opened at theatres globally on March 10, 2024.
In addition, Taehyung released his second solo single, FRI(END)S, on March 15, packed with his endorsement content for Compose Coffee, Harper's BAZAAR Korea, Cartier, Korea, and more.
Meanwhile, band members Namjoon, Jungkook, and Jimin promised their fans that they would release more digital content shortly. This highlights Namjoon's upcoming second solo album and Jungkook's alleged travel variety vlogs with Jimin. However, nothing is known about it yet.
Meanwhile, Newsis reported that Hwang Hee, the former minister of culture, sports, and tourism, referred to the international group BTS' military conscription as a "national loss." After much deliberation about the amendment of the Special Military Service Act that covered the majority of 2021 and 2022, BTS decided to enlist.
In November 2023, BTS' Jungkook released his first solo album, GOLDEN, and the lead single, Standing Next To You, which topped Billboard's main album, Billboard 200, and single chart Hot 100 for 19 weeks. Jungkook became the first Korean and K-pop solo act to have a record of the longest runtime of charting songs.
Jimin debuted at #1 on the Billboard Hot 100 as the first K-pop and Korean male act and reigned there for four consecutive weeks before passing the baton to Jungkook, who clinched #1 on the Hot 100 with SEVEN and remained there for seven straight weeks as the second K-pop soloist top the chart and the first to chart for so long.
On February 26, 2024, HYBE revealed 2.17 trillion won ($1.63 billion) in yearly revenues in 2023, a 23% increase over 2022. Net earnings increased to 187 million won, more than double the poor 2022 performance and surpassing the 2021 total. Despite a net loss in the fourth quarter of 53 billion won, or $39.8 million, less than in 2022, the year-over-year increase in profits in 2023 was nevertheless achieved.
Its sales and operating profit have a three-year compound annual growth rate (CAGR) of 31.7% and 24.7%, respectively. Since becoming public in 2020, HYBE has expanded its yearly income by more than 20% annually.
From 258 billion won ($191 million) in concert income in 2022 to 359 billion won ($270 million) in concert revenue in 2023, there was a 40% increase. Touring performers grew from four teams to seven, while the number of shows climbed from 78 to 125 in the same time frame.
The value of album sales was $730 million, a noteworthy 75.8% rise from 2022, in which BTS members' solo albums have made enormous contributions. Additionally, concert revenue rose by 39.1% to $270 million, indicating a robust recovery of the live events business following the epidemic. BTS Suga's solo world tour became the highest-grossing concert tour in 2023 by a Korean and K-pop solo act.
However, merchandising and licensing income and content sales revenue decreased by 17.7% and 15.1%, respectively. Additionally, rapper Kali and singer-songwriter Ozuna were signed by HYBE America's management subsidiary, SB Projects, in 2023. Plans for a 29.2 billion won cash dividend, or 700 won per share, have also been revealed by HYBE.
Despite enlistment, BTS members as a group and soloists pull in the highest revenues, album sales, and streaming for HYBE Corporation. Fans await BTS' Kim Seok-jin's return from the military as the musician is set to release his solo debut album in 2024.
