HYBE Labels reports total sales and profits for the 3rd quarter of 2022

HYBE Labels has reported its third quarter sales and operating profits for 2022. 

According to the corporation on November 3, HYBE Labels recorded a total sales of 445.5 billion KRW (~ $313.5 million USD). Of the total amount, 206.2 billion KRW was the result of album sales, on/offline concerts, and advertisement endorsements. HYBE Labels artists who released albums in the third quarter of 2022 include Seventeen, ENHYPEN, NewJeans, and BTS's j-hope. On/offline concerts for the third quarter included world tours by Seventeen and TOMORROW x TOGETHER. Additionally, 239.3 KRW of the total sales resulted from MD sales, licensed product distribution, and other various content. 

The corporation reported a total operating profit of 60.6 billion KRW (~ $43 million USD) for the third quarter, an 8% decrease from the same quarter in 2021. HYBE Labels attributed this decrease in profit to the significant investment used in the production of a rookie group audition program, as well as funds used for the production of offline concerts. 

In the fourth quarter of 2022, HYBE Labels will launch its first Japanese group &TEAM. In 2023, the label plans on launching a global girl group project with auditions taking place in the U.S.