HYBE Records All-Time Highest Operating and Sales Profit for the Third Quarter of 2021
For the third quarter of this year, HYBE announced that they have recorded their highest profits yet. Keep on reading to know how much they earned.
HYBE's Operating and Sales Profit for the Third Quarter of 2021 Becomes Label's Highest Record of All Time
On the morning of November 4 KST, HYBE announced their interim results for the third quarter of 2021.
According to the label, they recorded a sales profit of a whopping 341 billion won (around $288.25 million USD) and an operating profit of 65.6 billion won (around $55.45 million USD) for the quarter alone.
Compared to the third quarter in 2020, HYBE's sales and operating profit increased by 80 percent and 63 percent, respectively.
HYBE's cumulative album sales saw a record of 129.7 billion won (around $108.07 million USD), a 21 percent increase compared to the second quarter of 2021, thanks to the amazing sale numbers of BTS' single album "Butter" and TXT's repackaged album "The Chaos Chapter: Freeze."
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As for official merchandise, they increased to 76.7 billion won (around $64.82 million USD), a 53 percent increase. When it comes to their advertisements and appearance fees, their earned 33.8 billion won this quarter, seeing a 56 percent increase from the previous quarter.
Aside from their sales, HYBE's global community platform, Weverse, also saw a growth in the past months. For the third quarter, the average number of monthly active users on Weverse recorded 6.4 million, an increase of abut 20 percent thanks to BLACKPINK's entry onto the platform.
HYBE Announces Plans for Weverse and Naver V Live Integration + NFT Business
Meanwhile, HYBE announced in the beginning of the year that Weverse and Naver's V Live will be integrated into one platform, with Naver gaining a 49 percent stake in Weverse Company (formerly beNX), HYBE's subsidiary, and Naver V Live being transferred to beNX.
As part of the integration, a new and upgraded version of Weverse will be launched sometime in the first half of 2022. The new version of Weverse will include V Live's "Spot Live" technology, which will allow artists to livestream on Weverse at any time they want for a lively fan experience.
In the future, Weverse hopes to create a synergy with Naver's strong R&D capabilities such in artificial intelligence and search.
Meanwhile HYBE also announced their partnership with Dunami, a leading financial technology company, to create a business model that merges intellectual property (IP) with NFT, and allow products and content based on artist-related IPs to be owned by fans digitally, while safely broadening fan experience through exchange, collection, and the display of IP-based digital assets on platforms such as Weverse.
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Reported by Robyn Joan
