Hybe, the parent company of K-pop sensation BTS, has seen significant growth in revenues and profits driven by album sales and concerts. The company reported record annual sales of $1.6 billion, with a surge in demand for K-pop music. However, Hybe's shares experienced a sharp decline, the largest in three months, due to lower-than-expected album sales, raising concerns about a potential slowdown. Notably, Seventeen and NewJeans contributed to Hybe's revenue growth in 2023, with Seventeen's 'FML' album being the top-selling worldwide in 2023 according to IFPI.
‘FML’ by SEVENTEEN was the best-selling album worldwide of 2023 (via IFPI). https://t.co/753ngRWuWP
HYBE Revenue Soared in 2023, Led by Strong Album Sales from Seventeen & NewJeans https://t.co/Iaj2YC8KVT
K-pop firm Hybe Co.’s shares tumbled in their biggest intraday decline in three months after weaker-than-expected album sales stoked fears of a slowdown https://t.co/W7hjk2LNnM
BTS Agency Hybe Posts Record $1.6B In Annual Sales As K-Pop Demand Rockets https://t.co/LnDYaFj4u3
Hybe Revenues and Profits Growth Is Propelled by Album Sales, Concerts https://t.co/LvA3O3mSx0