K-Pop music firm Hybe has published its latest financial results, and they show strong growth for the company in the second quarter of 2023.
Hybe’s revenues grew by 21.2% year-on-year to KRW 621bn ($471.5m at current exchange rates) including a 33.9% increase in ‘artist direct-involvement’ revenues (to KRW 436.4bn) and a notable 85.4% spike in concert revenues (to KRW 157.5bn).
Seventeen, Stray Kids, Tomorrow X Together, Aespa, NewJeans and Twice were among the artists whose new music did well for Hybe last quarter.
The company also said that its share of Spotify’s global top 200 streaming chart has grown from just 0.1% in 2017 to 2.8% now, reflecting the growth of K-Pop more generally.
Tomorrow X Together, Seventeen and two members of BTS – Suga and Jimin – were also hailed in the financials for their performances in the US album sales charts during the first half of 2023.
Recently Hybe was reported to be trying to raise around $380m to fund acquisitions in the US to further boost its business and artists there.