South Korean entertainment giant HYBE has reported a generated revenue of approximately $226 million — an increase of 59.8% — for the first quarter of the year.
In 2021, the music company announced a billion-dollar annual revenue for the first time, thanks largely in part to Scooter Braun‘s megamerger agreement (between Ithaca Holdings and HYBE). Since then, the return of live music and large-scale events has unequivocally propelled revenue.
Two of the top contributors were HYBE America artist Justin Bieber, whose “Justice” world tour launched in February, and of course BTS, whose “BTS Permission to Dance on Stage: Seoul” screening made it big at the global box office; the limited release raked in $32.6 million from 3,711 cinemas in 75 worldwide theatrical markets.
Consequently, HYBE’s Q1 concert revenue generated approximately $48.5m in Q1, up 35.4% versus the prior quarter (Q4 2021), according to Music Business Worldwide. The amount considers live streaming revenue, which was included in the “concerts” earnings category starting in 2022 (it was previously reported as part of “content”).
HYBE’S second-biggest revenue driver in Q1 was what they call “Artist Indirect Involvement” business, which translates to the company’s use of artist names and their likeness for branding and advertising opportunities (without artist participation). This sector generated approximately $103.8 million.
Although HYBE’s recorded music sales decreased 24.5% from last quarter (Dec. 2021), those numbers are expected to rise with a slew of upcoming releases including some from Bieber who has confirmed new music on the way. The singer recently released a new song, “Honest” with rapper Don Toliver via a new venture with Def Jam/Universal.