Hybe Reports $1.58 Billion Revenue, Operating Profit Declines 38%

HYBE reported a record annual revenue of 2.255 trillion Korean won ($1.58 billion) for 2024, marking a 3.5% increase from the previous year, despite a significant decline in operating profit, which fell by 37.5% to 184.8 billion won. The decrease in profit was attributed to the hiatus of K-pop supergroup BTS due to mandatory military service and substantial investments in infrastructure and new ventures like Weverse. Concert revenue surged by 25.6%, contributing to the highest concert earnings in the company's history, while album and music sales saw an 11.3% decline. The firm anticipates improved profitability in 2025 with the return of BTS. Additionally, HYBE has successfully expanded its Weverse platform, attracting a growing user base from various international markets. Despite the challenges, the company remains optimistic about its growth trajectory driven by both established and new artists.