HYBE Reveals Their Profits For The First Quarter Of The Fiscal Year And Plans For Ithaca Holdings

They’re rolling in it!

Through a public announcement, HYBE announced that their company had hit sales of₩178.3 billion KRW ($159,231,544 USD)in the first quarter of the fiscal year 2021. After taking away various costs, the total operating profit was₩21.7 billion KRW ($19,303,488 USD). Although this amount was a preliminary settlement before external audit, it seems that they have already seen an improvement in profits of 9% compared to the first quarter of 2020.

Where did this increase come from? According to the report, the company had seen a rise in the sales of merchandise and IP contents, of 89% and 360% respectively. Earnings in advertisement and broadcasts rose 63%, while earnings made from fan clubs rose 24%. This can be attributed to the growth in Weverse, HYBE’s global fan community platform. Weverse’s monthly active users averaged 4.9 million in the first quarter of 2021.

Fan edit of Ithaca Holding’s artist, Ariana Grande, and BTS. | SOMAG

Recently, HYBE acquired Ithaca Holdings. They have announced that they will combine HYBE’s solution and platform capabilities, putting it to great use with the IP content from global stars such as Justin Bieber and Ariana Grande. They will also be using Ithaca Holding’s network to expand their Korean artists’ entry into the U.S market.

Source: Star Today