For The 2nd Quarter Of 2023, HYBE Labels Reports Sales, Operating Income, And More

HYBE Labels announced its performance results for the second quarter of 2023 on August 8, 2023 KST, including sales, operating profits, and total earnings before interest, taxes, depreciation, and amortisation (EBITDA).

First, the multi-label company reported total sales of 621 billion KRW (approximately $472,7 million USD) and an operating profit of 81.3 billion KRW (approximately $61.9 million USD). This resulted in an EBITDA of 106.4 billion KRW ( $81 million USD) and a net income of 117.4 billion KRW ( $89.4 million USD) for the second quarter of 2023.

While sales continued to increase significantly from the previous year, operating profit in the second quarter of 2023 decreased by 7.9% from the same quarter in 2022. According to HYBE Labels, this decline was primarily attributable to the operating costs associated with events such as the ‘2023 BTS FESTA’ live concert and the ‘2023 Weverse Con Festival’.

Notably, in the second quarter of 2023, sales from live performances increased by 85.4% compared to the same quarter in 2022, with BTS’s SUGA and TOMORROW x TOGETHER’s successful world tours and Seventeen’s fan meeting contributing to the high quarterly performance.

Finally, HYBE Labels CEO Park Ji Won alluded momentarily to the company’s future plans for the second half of 2023 and the following year, 2024. In September, a beta version of ‘Weverse By Fans’ will debut alongside the addition of thirteen SM Entertainment artists to Weverse. The release of ‘Weverse Membership Plus’ is anticipated for the first half of 2024.