Leading Korean entertainment company HYBE released its financial results for the second quarter and the first half of the year ended June 30, 2024.

According to HYBE, it posted highest second quarter revenue of KRW 640.5 billion (about $469 million), representing a year-on-year increase of 77 percent, with an operating profit of KRW 50.9 billion (about $37.3 million) in Q2.

This brings HYBE’s total revenue for the first half of 2024 to KRW 1.0014 trillion (about $733.7 million), exceeding KRW 1 trillion in the half year revenue for two consecutive years.

The album and streaming achievements of HYBE artists (Source: HYBE report)

The achievement was fueled by promotions with direct involvement of artists, contributing KRW 423.9 billion ($310.6 million) to the revenue.

Among them, streaming and album sales marked KRW 249.5 billion ($182.8 million), a YoY increase of 1.5 percent.

During the second quarter of the year, most HYBE Music Group APAC’s artists made a triumphant comeback, collectively selling more than 15 million physical albums accounting for 34 percent of total album sales in Korea.

HYBE artists dominated the streaming market as well, representing eight out of the 10 most-streamed K-pop tracks globally (excluding Korea) in the first half of 2024, as reported by Spotify’s Global Impact List.

In the United States, give songs by artists from HYBE Music Group APAC made it onto the Billboard Hot 100, and a total of 12 albums charted on the Billboard 200.

According to Luminate’s Midyear Music Report, HYBE artists accounted for three of the Top 10 US CD Album Sales in the first half.

In Japan—the world's second-largest music market—five artist groups featured in the Oricon’s album chart for the first half of the year.

HYBE’s global superfan platform Weverse saw positive growth in Q2, resulting in a monthly active user (MAU) base of 9.6 million, a 4 percent increase from the previous quarter.

In June, the platform's MAU surpassed 10 million, driven by fans celebrating BTS Jin's military discharge and 2024 FESTA. Owing to the increasing use of Weverse DM, Weverse recorded its highest average revenue per paying user (ARPPU) and payment since its launch.

The operating profit in the second quarter was impacted by initial expenses incurred from launching various new businesses and debuting new artists. HYBE anticipates an improvement in profitability, as its investments in the tech-driven future growth initiatives are progressing as planned and numerous domestic and global activities are scheduled for the artists from the third quarter.

Last week, HYBE announced HYBE 2.0, the company’s strategic direction and business plan, to secure unrivaled leadership in the future entertainment industry.

The strategic priorities outlined in HYBE 2.0 include: the establishment of HYBE Music Group APAC, which will oversee all music label operations based in Korea and Japan; a continued focus on a “multi-home, multi-genre” strategy across the U.S., Latin America, and Japan; the launch of a subscription-based membership for Weverse; and ongoing mid-to-long-term growth by merging content with technology.

Artists under HYBE Music Group APAC’s will continue to deliver stellar performances in the second half of 2024, starting with the solo album release by Jin of BTS later this year, along with SEVENTEEN’s new album release and world tours across the U.S. and Asia.

ENHYPEN will hold encore concerts in Asia, and Le Sserafim is scheduled to release the group’s fourth mini album in August. NewJeans teased their plan to embark on their first world tour next year.

“The second half of 2024 marks the beginning of our new era that focuses on fostering music, platform, and tech-driven future growth initiatives for long term success. HYBE will further solidify its core capabilities in music, while structuring both future IPs and fandom business models that reflect the changing market environment,” said Jason Jaesang Lee, CEO of HYBE.