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South Korean entertainment company HYBE has registered a net profit of KRW 1.444bn (£801,000/$1m/€968,000) for the third quarter of this year, which is 98.6% lower than that of the KRW 99.690bn recorded during the same period in 2023.
The total revenue of KRW 527.9bn also represented a 1.9% year-on-year drop and a 17.6% decrease against the previous quarter of KRW 537.9bn, according to the company’s latest earnings report.
HYBE, which made its name in K-pop, told its investors that its release schedule in the quarter was curtailed because of the Paris 2024 Olympic Games in July and August.
Its biggest release of the quarter was Katseye’s debut album SIS which spent two weeks in the Billboard 200.
Despite falling figures, the company still remains on track to surpass KRW 2 trillion in annual revenue for the second consecutive year mainly due to its increased revenue from merchandise, licensing and content.
HYBE’s direct revenue, which comes from its recorded music business and concerts, fell by 15.5% while revenue from ads and appearances rose by nearly 10%.
The company’s business lines, like merchandising and sync licensing, performed much better. Revenue from artist-indirect involvement lines rose by 32%
Revenue from merchandise and licensing song rose by nearly 16% and fan club revenue rose by more than 23%.
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