Hybe, BTS’s agency, achieved record sales in 2022
Seoul, Feb 21 (EFE).- South Korean company Hybe, agency of the K-pop band BTS, achieved its highest sales turnover figure in 2022 thanks to to the expansion of fans and the appearance of new successful groups, according to figures published Tuesday.
The company made KRW 1.77 trillion (about $ 1.36 billion), as shown in a document for the South Korean stock market regulator, representing a 41.6-percent increase compared to the previous year, while operating profit also increased 24.9 percent year-on-year, to KRW 237 billion.
“The global following of the artists managed by the company such as BTS, Seventeen, Tomorrow X Together and Enhypen has expanded, and new artists such as Le Sserafim, NewJeans and &Team have grown rapidly,” the company said in statements collected by South Korean agency Yonhap.
Hybe also attributed its sales growth to diversifying its products and games related to the artists it represents.
In early February, the company announced it would acquire a 14.8 percent stake in K-Pop giant SM Entertainment for about $350 million and become its majority shareholder.
According to the company, the agreement seeks to “strengthen competitiveness in the K-Pop market and create a synergy effect.”
Hybe was founded as a small agency called Big Hit Entertainment in 2005 by songwriter and producer Bang Si-hyuk, but began to rise in the late 2010s thanks to BTS, the most impactful global K-Pop group. Its ambitious expansion and diversification make it the largest South Korean music company by turnover. EFE
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