KR NEWS ✅
On May 2, KST, HYBE Labels reported its first-quarter 2024 performance.
In Q1 2024, the entertainment company recorded sales of 360.9 billion KRW (~ 262 million USD), a 12% reduction from the same quarter in 2023. For Q1 2024, HYBE Labels focused on launching TWS and ILLIT. Digital music, albums, and participatory content including concerts, advertising, and campaigns made up 60% of Q1 revenues, with Seventeen, ENHYPEN, and &TEAM shows performing well.
The operating earnings for Q1 was 14.4 billion KRW (~ 10.5 million USD), down 73% from Q1 2023 due to the inactivity of prominent sunbae singers under HYBE Labels.
As big musicians resume activity and embark on international tours in Q2 2024, sales and operating profitability could rise. In June, BTS member Jin will finish his military service.
CEO Park Ji Won reported HYBE’s first quarter performance, saying, “HYBE Labels faced many minor and large hurdles while pioneering the multi-label system. I apologize to shareholders for these issues generating worry.”
Park Ji Won said, “HYBE subsidiary ADOR’s internal audit validated our allegations. The right steps are being taken. Recent developments may cast doubt on HYBE’s multi-label scheme. To make meaningful progress, we must keep improving and fixing our shortcomings.
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