South Korea-based music company HYBE, home of superstars BTS, has announced its financial results for the first quarter of 2022.
According to new investor filings, HYBE generated 285 billion Korean Won (KRW) in sales in the three months ended March 31.
That Q1 revenue figure translates to about $226 million at current exchange rates, up 59.8% year-over-year.
The music company’s Q1 results follow a year in which HYBE broke the billion-dollar annual revenue barrier for the first time, reporting sales of 1.257 trillion Korean Won (KRW) in 2021, approx. $1.098 billion at the annual average exchange rate (per IRS), and an increase of 58% over the same period last year.
A key factor in HYBE’s 58% growth in 2021 is Scooter Braun’s $1 billion acquisition of Ithaca Holdings. in April last year.
According to the latest HYBE results, Monday-The biggest revenue driver in Q1 2022 was the ‘Indirectly Involved Artist’ business, which brought in 131 billion Won (approximately 103.8 million USD), a 17.7% increase over the same period last year. period last year.
This line of business, shows the company using the names and likenesses of its artists, such as BTS, for promotional and branding activities that do not require the active involvement of the board. music, was previously considered as one of the main reasons HYBE well done during the pandemic in 2020.
The ‘Indirectly Engaged Artist’ business becomes HYBE’s main revenue driver in each quarter of 2021, including Q1 (ends March 31st), Q2 (three months to the end of June), Q3 (three months to the end of September) and Q4 (ends December 31st).
It was also the company’s biggest revenue driver for the entire year, generating 733 billion KRW ($640 million at average annual exchange rates) last year – a 72.8% increase year-on-year. last year.
However, in Q1, 2022, HYBE’s ‘Indirectly Engaged Artist’ business was overtaken by the company’s ‘Artist’ Direct The business sector brought South Korea 153.6 billion Won in Q1/2022.
Those earnings translate to $121.8 million and are up 130.2% year over year (see below).
A deeper dive into the company’s financial results shows that its album sales grew 18.5 percent year-on-year, from South Korea to 54.5 billion Won ($43.2 million) in the quarter. 1 in 2021 to Korea 64.6 billion ($51.1 million) in Q1 2022.
Meanwhile, the company’s merchandise and license sales reached 68.2 billion Korean Won ($54 million) in the first quarter, up 5.4 percent year-on-year.
Meanwhile, HYBE’s concert business brought in Korea 61.3 billion Won ($48.5 million) in Q1, up 35.4% QoQ (Q4 2021). ).
Elsewhere, HYBE broke the numbers for its fan community app Weverse, which brings together content created by and for Big Hit artists, including music videos, trailers, and trailers. demos, movies, merchandising, and live streaming.
Weverse’s user count fell 5% in Q1, to 6.4 million, compared with 6.8 million reported at the end of last quarter (Q4 2021).
However, the average revenue per paying user (ARPPU) for Weverse has increased both annually and quarterly (see above).
HYBE’s net profit in Q1 2022 was 30.8 billion Won in South Korea ($24.4 million), up 78.7% year-on-year.Worldwide music business
