On August 8 KST, HYBE Labels reported its performance results from the second quarter of 2023, including sales, operating profits, and total earnings before interest, taxes, depreciation, and amortization (EBITDA).
First, the multi-label company reported a total sales of 621 billion KRW (~ $472.7 million USD) and an operating profit of 81.3 billion KRW (~ $61.9 million USD). This brought the company's EBITDA at 106.4 billion KRW (~ $81 million USD), and its net profit at 117.4 billion KRW (~ $89.4 million USD) for Q2 of 2023.
While sales continued to experience a significant growth from last year, operating profit from Q2 of 2023 experienced a 7.9% decrease from the same quarter in 2022. According to HYBE Labels, this decrease was largely in part due to the operating fees invested into events such as the '2023 BTS FESTA' in-person event and the '2023 Weverse Con Festival'.
Notably in Q2 of 2023, sales from live performances experienced an 85.4% increase from the same quarter last year, with successful world tours by BTS's SUGA and TOMORROW x TOGETHER and Seventeen's fan meeting contributing to the high quarterly performance.
Finally, CEO Park Ji Won of HYBE Labels briefly hinted at the company's upcoming plans for the second half of 2023 and next year, 2024. A beta version of 'Weverse By Fans' will launch in September, alongside the addition of 13 SM Entertainment artists to Weverse in the same month. The launch of 'Weverse Membership Plus' is slated for the first half of 2024.
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i appreciate that hybe went through with the huge celebrations for bts festa even though it's very obviously expensive and bts themselves as a group is halting their music activities. they even went on to say that it's a necessary event for bts and army that created hybe in the first place, which is good to know.