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HYBE reveal their staggering profits for the first quarter after acquiring Ithaca Holdings
HYBE announced that it recorded 178.3B KRW in sales and 21.7B KRW in operating profit in the first quarter of this year. Read on to find out.
There is no stopping for HYBE! Chairman Bang Shi Hyuk also called Bang PD started out as a small company called Big Hit Entertainment. They faced multiple setbacks and hurdles along the way till BTS, the seven-member boy group and arguably the biggest artists in the world struck gold! Post that, there was no stopping as Bang PD made his agenda of global domination, known, loud and clear to the world! Earlier this year, Big Hit Entertainment became HYBE Corporation.
Under HYBE Corporation we have BTS, SEVENTEEN, TXT, ENHYPEN, GFRIEND and soloist Lee Hyun. The name change marks Big Hit Entertainment's transformation from a management label for Kpop groups like BTS and TXT to a comprehensive content company. The company announced this through a report with Korea's Financial Supervisory Service. In April, HYBE acquired Scooter Braun's Ithaca Holdings, home to Justin Bieber and Ariana Grande, making their intentions of going global clearer! Now, they have released their performance reports for the first quarter of the fiscal year.
HYBE announced that it recorded 178.3B KRW in sales and 21.7B KRW in operating profit in the first quarter of this year. This is an increase of climbing 29% and 9% each from the same period last year. The rise in earnings come from the sale of merchandise and IP contents, of 89% and 360% respectively. Earnings in advertisement and broadcasts rose 63%, while earnings made from fan clubs rose 24%. The rise in popularity of fan-community site Weverse attributes to the rise in income from fan clubs. Weverse’s monthly active users averaged 4.9 million in the first quarter of 2021.
HYBE also made it to TIME Magazine's 100 Most Influential Companies of 2021. HYBE was named under the category of 'pioneers' which also included Twitter, Nike, Samsung, Disney and Netflix.
ALSO READ: HYBE’s museum HYBE INSIGHT grand launch date announced; here’s what you can expect from it
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