Hybe Corporation, the agency that manages k-pop group BTS, made history by earning a net income of 141 billion Won or US $ 118 million for 2021 despite having to postpone a series of concert tours due to Covid-19.
Hybe has opened a new chapter for the music industry in South Korea when it recorded annual sales of over $ 1.04 billion in 2021, besides also seeing its net profit increase 63% year -on -year at 141 billion Won or US $ 118 million.
In addition, its sales also jumped 58% to a record high of over 1.25 trillion Won while operating profit added 30.8% to 190 billion Won.
Although last year the firm had to cut operations such as postponing the BTS group's tour concert due to Covid-19, it did not stop it from continuing to record net income from other sources.
According to the statement, Hybe's outstanding performance is the result of a strong business structure based on a multi -label system as well as album, content and advertising sales.
Hybe recorded an 18% increase in its album sales at 378.5 billion Won while content sales jumped 176.6% at 365.9 billion Won and advertising fees as well as canak management sales 115.3% at 100.7 billion Won.
For information, the firm, which was formerly Big Hit Entertainment, also owns music labels of international singers such as Ariana Grande and Justin Bieber.
Meanwhile, Hybe Chief Executive Officer (CEO) Pak Ji-Won said the firm was planning to develop its gaming business and diversify forms of entertainment into the metaverse soon.
In addition, Hybe is also in the process of launching their own non-fungible tokens (NFT).
