With BTS back as a full group, HYBE generated 726.8 billion won ($544 million) from concerts alone in the third quarter of this year. That was more than the combined total revenue of the companies behind BLACKPINK, aespa and Stray Kids.
SM Entertainment reported revenue of 291.1 billion won ($218 million), JYP Entertainment posted 267.5 billion won ($200 million), and YG Entertainment recorded 156.7 billion won ($117 million), according to preliminary third-quarter results released on November 12th. Together, the three companies earned 715.3 billion won, falling 11.5 billion won ($8.6 million) short of HYBE’s concert revenue alone.
The numbers looked very different a year ago.
In the third quarter of last year, HYBE reported total revenue of 727.2 billion won ($545 million). SM, JYP and YG earned a combined 727.3 billion won ($545 million) during the same period, putting the two sides almost exactly even.
However, HYBE’s concert revenue alone this year exceeded the three companies’ combined revenue.
HYBE’s concert revenue nearly tripled from 245 billion won ($183 million) in the third quarter of last year. Meanwhile, the combined revenue of SM, JYP and YG fell by about 1.7%.
The gap had already started to narrow in the second quarter. HYBE generated 647.7 billion won ($485 million) in concert revenue, close to the three companies’ combined revenue of 660.5 billion won ($495 million).
BTS’ return as a full group was a major factor behind HYBE’s growth. The group launched its first full-group world tour in about four years, ARIRANG, in Goyang last April.
BTS held 31 shows across 12 North American cities, according to HYBE’s earnings presentation released on November 3rd. Its concerts in Europe and the U.S. attracted up to 70,000 fans per show. HYBE also benefited from ENHYPEN’s North American tour and concerts by other artists, including LE SSERAFIM and CORTIS.
The other three companies saw mixed results.
JYP reported its highest-ever quarterly revenue, thanks to strong sales of Stray Kids’ latest release, THIS & THAT, and growing merchandise sales. However, its concert revenue fell 31.1% compared with the same period last year.
SM’s revenue dropped 9.5% year over year. Despite increased overseas activities by its major artists, sales of new releases fell from 5.5 million copies last year to 1.67 million this year.
YG also reported a 9.4% decline in revenue. Its third-quarter results last year included earnings from BLACKPINK’s world tour.
Overall, HYBE reported total third-quarter revenue of 1.5257 trillion won ($1.1 billion) and an operating profit of 188.5 billion won ($141 million), with an operating margin of 12.4%.
BTS will continue its ARIRANG world tour in Asia, starting with a concert in Kaohsiung, Taiwan, on November 19th. The tour is scheduled to continue into next year.
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