South Korean entertainment powerhouse HYBE has achieved its highest-ever first-quarter revenue haul, surpassing the 500 billion South Korean won mark in the three months to the end of March.
HYBE reported KRW 500.6 billion (approx. USD $348.4 million at current exchange rates) in first-quarter revenue on Tuesday (April 29), a 38.7% jump from KRW 360.9 billion ($251m) last year.
This marked a recovery from Q1 2024 when HYBE’s revenue dropped 12.1% YoY to KRW 360.92 billion ($251.7m).
Concert revenue emerged as the standout performer, more than tripling YoY to KRW 155.2 billion ($108m) from KRW 44 billion ($30.7m), defying the market’s forecast for a 48.6% drop in concert revenue to KRW 74.6 billion ($52m).
HYBE’s concert segment surpassed expectations following successful solo and world tours from j-hope of BTS, SEVENTEEN, TOMORROW X TOGETHER, ENHYPEN, and BOYNEXTDOOR. HYBE attributed the growth to its multi-label system that allowed more artist groups “to grow to the level where they can successfully carry out world tours.”
The segment’s strong performance helped boost revenue for HYBE’s “artist direct-involvement” segment to KRW 322.5 billion ($225m) of total revenue in Q1, accounting for 64% of the group’s total. The figure was up 48.6% from last year.
Meanwhile, the company’s “artist indirect-involvement” segment, which includes merchandising and licensing, content, and the Weverse fan platform, reported revenue of KRW 178.1 billion ($124m) up 23.7% YoY.
The growth was driven by a 75% YoY jump in merchandise and licensing revenue to KRW 106.4 billion ($74m), as well as strong sales of tour-related merchandise and character merchandise inspired by artists like SEVENTEEN’s MINITEEN, TOMORROW X TOGETHER’s PPULBATU, and LE SSERAFIM’s FIM’S CLUB.
Weverse posted 10 million monthly active users (MAUs) in Q1, up from 9.4 million in Q4 2024 and from 9.2 million MAUs in Q1 2024. During the quarter, Weverse launched ‘Listening Party,’ a service allowing artists and fans to gather online for shared music experiences, powered by a Spotify integration. HYBE hinted that Apple Music support is coming soon.
At the start of the year, HYBE revealed that Weverse hit the milestone of 150 million cumulative global downloads in 2024. Weverse President Joon Choi told MBW earlier this month that “90% of our traffic comes from regions outside of Korea, which means that most of our users are global superfans.”
With Weverse’s growth, HYBE’s revenue from fan clubs jumped 39% YoY to KRW 30.5 billion ($21m), offsetting the 32.7% YoY drop in revenue from content to KRW 41.2 billion ($29m).
Overall, HYBE’s operating profit jumped 50.3% YoY to KRW 21.6 billion ($15m) in Q1, falling short of the market’s consensus forecast of KRW 53.1 billion ($37m). Kim Yoo-hyeok, a researcher at IBK Securities, had earlier attributed this to “the lack of album releases except for BSS, Hoshi, and Woosung, and LE SSERAFIM.”
However, HYBE’s performance still marked a recovery from last year when Q1 operating profit nosedived 72.6% YoY to KRW 14.34 billion ($10m). Net profit in Q1 2025 soared 398% YoY to KRW 55.3 billion ($39m).
Looking ahead, HYBE expects the trend to continue for the rest of the year, with over 150 concerts featuring HYBE artists lined up and additional engagements expected to be added in the second half of 2025.
For Q2 2025, the company said it expects “growth in both revenue and operating profit” as most artists are expected to make comebacks and resume activities. BTS’s Jin is set to drop his second solo album and launch his first-ever solo tour in June, while SEVENTEEN, ENHYPEN, and BOYNEXTDOOR are also set to release new materials.
Elsewhere, LE SSERAFIM recently went on their first world tour in Asia and North America, while girl group KATSEYE are expected to return with a new single on April 30 and perform at the 2025 Lollapalooza in Chicago.
HYBE is also set to debut a J-pop boy band called aoen in June. The seven-member boy band was formed via an audition aired on Japan’s Nippon TV that aired from February. Additionally, BIGHIT MUSIC, home of BTS and TOMORROW X TOGETHER, is also slated to introduce a new boy group in Q3 2025.
HYBE also continues to expand its presence globally. The company’s Latin America arm recently teamed up with Spanish-language television network Telemundo to launch Pase a la Fama, described as a first-of-its-kind music competition series focused on creating the next great Regional Mexican band.
HYBE said “hundreds of artists auditioned” for the show, but only 55 will be selected to join a “rigorous artistic camp”.
Earlier this month, HYBE’s American arm signed a distribution partnership with So So Def Recordings, reuniting music executive Scooter Braun with the label’s founder, Grammy Award-winning producer Jermaine Dupri. The agreement gives Atlanta-based So So Def Recordings access to HYBE America‘s global distribution network and marketing resources, allowing it to launch new artists “with a modern global reach.”
Also in April, HYBE America partnered with YouTube star and Alan’s Universe creator Alan Chikin Chow to form a new venture called HYBE AMERICA x AU, which HYBE described as “a first-of-its-kind label” that will launch a “groundbreaking franchise spanning both scripted content and music.”
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