HYBE Reveals Earnings And Sales Figures For 1st Quarter Of 2021
HYBE (formerly known as Big Hit Entertainment) has revealed its financial performance for the first quarter of 2021.
On May 4, HYBE officially announced their earnings and sales figures for the first quarter of the year (subject to change following external audit). For January to March 2021, the company reported revenue of 178.3 billion won (approximately $158.3 million) and an operating profit of 21.7 billion won (approximately $19.3 million).
Compared to the company’s performance in the first quarter of 2020, the figures marked a 29 percent rise in revenue and a 9 percent increase in operating profit.
HYBE also reported that it had seen a dramatic increase in revenue from merchandise sales, licensing, and artist-related content. Revenue from artist-related merchandise sales rose by 89 percent to 64.7 billion won (approximately $57.5 million), while revenue from artist-related content soared by a whopping 360 percent to 37.2 billion won (approximately $33 million).
According to HYBE, revenue from advertising and artist appearances also rose by 63 percent, while revenue from fan clubs increased by 24 percent.
Meanwhile, global fan community platform Weverse reported an average of 4.9 million monthly active users for the first quarter of 2021, marking a slight increase from the fourth quarter of 2020.