HYBE, home to BTS, ENHYPEN, and more, has once again exceeded 2 trillion KRW (~1.4 billion USD) in annual revenue for the second year in a row.
On February 25, HYBE announced, “Following our breakthrough as the first Korean entertainment company to surpass 2 trillion KRW in revenue in 2023, we have once again set a new record in 2024 with continued growth in performance.”
For 2024, HYBE’s consolidated revenue reached 2.2545 trillion KRW (~1.6 billion USD), marking a 4% increase from the previous year and setting a new all-time high for the company. Direct participation revenue slightly declined by 1.8% to 1.4453 trillion KRW (~1.01 billion USD), while indirect participation revenue rose by 14.5% to 809.3 billion KRW (~566 million USD). Despite an 11.3% drop in the album sales sector, the performance sector experienced a significant 25.6% growth, offsetting the album sales decline. The shift in fan consumption patterns following the end of the pandemic played a crucial role in this diversification.
HYBE artists continued to dominate album charts, with their share of the annual Circle Chart rising from 38% in 2023 to 40% in 2024. Seventeen became a “ten million seller” for the second consecutive year, recording over 10 million album sales. TXT placed two albums in Circle Chart’s annual top 10 and had three releases rank on Japan’s Oricon year-end chart.
ENHYPEN sold 5.45 million albums in 2024, ranking 8th on the U.S. annual album chart and 9th on Japan’s, proving their global appeal. NewJeans surpassed 3 million album sales, becoming the top-selling female K-pop artist. BOYNEXTDOOR, currently gaining popularity with “IF I SAY, I LOVE YOU,” achieved million-seller status just 18 months after debuting.
HYBE’s digital music performance was equally impressive. The company dominated the Circle Chart’s Global K-pop Chart, with 15 of its artists’ songs ranking in the top 20. BTS members Jin, Jimin, V, and Jungkook placed solo songs on the Billboard Hot 100, as did RM with his feature on Megan Thee Stallion’s “Neva Play.” LE SSERAFIM also charted twice with “EASY“ and “CRAZY.”
TWS, which debuted last year, secured the No.1 spot on Melon’s annual chart with “Plot Twist,” while ILLIT made history as the first K-pop group to debut on both the Billboard Hot 100 and the UK Official Singles Top 100 with “Magnetic.”
HYBE artists held 147 concerts and 25 fan meetings in 2024, setting a new record for concert revenue. Seventeen, ENHYPEN, and TXT topped Billboard’s ‘2024 K-pop Concert Revenue Chart.’ In Q4 alone, concert revenue reached 188.9 billion KRW (~132 million USD), more than doubling from the same period in Q4 2023.
Merchandising and licensing revenue, boosted by concert sales, increased by 29.1% to 420 billion KRW (293.4 million USD) – the highest ever recorded. Demand for tour-related merchandise, including official light sticks, surged as HYBE artists embarked on large-scale world tours. BTS, Seventeen, and TXT also saw strong sales for character-themed goods.
HYBE America and its subsidiaries achieved significant milestones, with its subsidiary Big Machine Label Group securing ten No.1 positions on various Billboard charts. Carly Pearce received her second consecutive Grammy nomination, while QC Music’s Quavo, Lil Baby, and Lil Yachty continued their strong presence in the music industry.
Lil Baby’s recent album ‘WHAM,’ released in January, debuted at No.1 on the Billboard 200, marking his fourth consecutive album to achieve this feat. Additionally, HYBE America’s management division, SB Projects, strengthened its artist roster by recruiting Cade Hudson, a top agent from Creative Artists Agency (CAA), who has worked with Britney Spears, Usher, Justin Timberlake, Lady Gaga, and Selena Gomez.
Despite record-high revenue, HYBE’s 2024 consolidated operating profit fell by 38% to 184.8 billion KRW (129 million USD). This decline was attributed to BTS’s temporary group hiatus due to military enlistment, changes in revenue distribution among artists due to multiple rookie group debuts, and increased investments in overseas ventures such as HYBE Latin America and the U.S. group KATSEYE. Additionally, upfront costs for new business expansions in platforms like Weverse and gaming affected overall profitability.
Looking ahead, HYBE plans to launch new group projects in the U.S., Japan, and Latin America under its Multi-Label, Multi-Genre strategy, integrating the K-pop system with local cultures. In the U.S., HYBE is collaborating with renowned producer Ryan Tedder—who has worked with Beyoncé, Adele, and Ed Sheeran—to create a new boy group. Meanwhile, Japan’s YX LABELS (formerly HYBE Labels Japan) is preparing to debut a next-generation J-pop group following &TEAM.
SEE ALSO: Airline staff leaks BTS and K-pop stars’ flight info for profit