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On August 7, 2024, HYBE, the entertainment company behind popular K-pop groups such as BTS, TXT, SEVENTEEN, and others, released its earnings report for the second quarter of 2024 on its official website.
According to translations provided by Kpop Charts (@kchartsmaster) on X (formerly Twitter), the report highlights a record-breaking achievement for the company. The label reported a remarkable 640.5 billion KRW (Korean Won) in consolidated sales for Q2 2024, setting a new high for its quarterly revenue.
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In addition to the financial results, the report also included news about the upcoming releases. The reports confirmed that the eldest member of BTS, Jin will be releasing his solo debut album later this year. This announcement has generated considerable anticipation among fans.
This second quarter's revenue figure surpasses the previous record of 621 billion KRW from the same quarter last year and underscores the company's financial growth.
Moreover, for the first half of 2024, HYBE’s total revenue reached 1.14 trillion KRW, marking the second consecutive year that the company surpassed the 1 trillion KRW mark in first-half revenue.
Additional insights from HYBE's Q2 revenue report
HYBE MUSIC GROUP artists have a packed second half of 2024 planned as per the reports. Jin, who recently completed his military service of nearly eighteen months, has been actively shooting various content for fans. As the only BTS member who has finished his service, he is now focused on preparing for his solo debut album.
Moreover, SEVENTEEN will embark on a global tour along with a new album and ENHYPEN will hold their first concert in Jakarta and additional performances in Japan.
As for the girl groups, LE SSERAFIM is scheduled to release their fourth mini album 'CRAZY' on August 30. While NewJeans will reportedly go on a world tour next year.
As per the Korean publication, Sports Chosun's report on August 7, HYBE CEO Lee Jae-sang commented on the company's future. He stated:
"The second half of 2024 is the beginning of a new era led by new leadership, and it is a time to lay the foundation for mid- to long-term growth by fostering future growth businesses based on music, platforms, and tech."
He further added:
"HYBE will further solidify its essential capabilities and design future IP and future fandom business models that take into account the changing market environment."
The reports also state that HYBE saw a 1.5% rise in album sales, reaching 249.5 billion KRW. This increase contributed to a strong first half of the year, with over 15 million albums sold, making up 34% of domestic album sales.
Digital music sales also gained, with the label's artists dominating Spotify's top 10 most-streamed K-pop songs globally. On the charts, HYBE artists had five songs on the Billboard Hot 100, including:
- BTS Jimin's WHO - #14
- BTS V's FRI(END)S - #65
- BTS Jimin's Smeraldo Garden Marching Band (ft Loco) - #88
- ILLIT's Magnetic - #91
- BTS Jungkook's Never Let Go - #97
- LE SSERAFIM's EASY - #99
It was further stated that Weverse, the label's fan-idol interaction platform, saw a 4% increase in monthly active users, reaching about 9.6 million. The number surpassed 10 million in June due to BTS Jin’s military discharge and the 2024 FESTA celebration.
