HYBE has announced that it had the highest revenue ever in the second quarter of 2022.
On August 3rd, the label announced that it grossed $391 million in sales and $67 million in operating profit this quarter. With its sales and operating profit increasing by almost 83.8 percent and 215.3 percent, the agency celebrated its highest revenue since opening its doors in 2005.
Also, its second-quarter net profit rose by 359.3 percent, generating $71 million. The biggest revenue driver was the “Artist Direct Involvement” business, which covers albums and concerts. This sector generated approximately $248 millon accounting for 64 percent of total sales.
HYBE’s Q2 revenue generated in this sector more than doubled compared to the prior quarter, following a slew of album releases and concerts from its prominent artists.
The company’s strong performance was also attributed to the “Artist Indirect Involvement” sector, which translates to merchandising and licensing. The company saw a growth in its second-quarter earnings from merchandising and licensing, garnering $75 million and seeing its sales increase by 42 percent from the previous quarter, and 97.2 percent from the same period last year. With the top contributor being world-class BTS, some of the biggest revenue generators for HYBE were SEVENTEEN, TOMORROW X TOGETHER, ENHYPEN, and two rookie girl groups Le Sserafim and NewJeans.