HYBE’s 2024 Revenue Tops $1.6 Billion, But Profit Plunges 40%

Korean music company HYBE reported on Tuesday that 2024 was its greatest revenue-generating year to date, despite a nearly 40%-plunge in operating profit from the prior fiscal year due to big investments in Weverse and a pause in activities by K-pop super group BTS.

HYBE reported Tuesday it generated 2.25 trillion Korean won ($1.58 billion) for the fiscal year 2024, up 4% from the company’s fiscal 2023. Operating profit of 184 billion won ($128.7 million) was down 38% from the prior fiscal year, a decline primarily due to “BTS’ temporary break, a shift in the artist sales mix due to new debuts, and strategic investments in infrastructure and new growth businesses like Weverse and gaming,” the company said in a statement.

HYBE said it expects operating profit to improve in 2025 “through the comeback of 21st century icons BTS,” and that investments into its social media/fandom platform Weverse will be reflected in performance results from January of this year.

BTS has been on a hiatus since 2023 while some of its members completed South Korea’s required military service. As the remaining five members are set to complete service by June, fans are speculating they could regroup in the second half of this year.

HYBE has expanded Weverse from its roots with K-pop artists to now host stars including Ariana Grande, Dua Lipa, Megan Thee Stallion and Conan Gray, the company said last month. Weverse users in the U.S. and Canada increased 26% last year, with users growing by 21% in Brazil, 14% in Mexico, 22% in Japan and 54% in Taiwan.

The global success of SEVENTEEN, ENHYPEN, NewJeans and BOYNEXTDOOR pushed HYBE’s revenue from sales of promotions with direct involvement of artists (including albums, concerts, commercials) to 1.45 trillion won ($1 billion).

SEVENTEEN sold over 10 million albums in fiscal 2023 and 2024, making it the only K-pop act to ever do so, according to HYBE. ENHYPEN sold more than 5.45 million albums and ranked No. 8 in U.S. Top Albums sales, according to Luminate’s 2024 year-end report. NewJeans sold 3 milion albums, and BOYNEXTDOOR sold a million within 18 months of its debut, HYBE said in a statement.

Total revenue for the quarter ending Dec. 31, 2024, was 725.3 billion won ($507.5 million), while total quarterly operating profit was 65 billion won ($45.5 million).