HYBE recently revealed its earnings report for the third quarter of 2022, including plans for the future world tours of its artists that addressed a significant issue.
As TXT and ENHYPEN headed out on their world tours, ACT: LOVE SICK and MANIFESTO, fans immediately raised concerns about the small size of the concert venues. HYBE explained why they intentionally made that decision.
The North American tours by TXT and ENHYPEN were their first tours since debut, so the concert venues were selected in a conservative manner.
As the two groups sold out their concert dates, the company realized how many fans desired to see TXT and ENHYPEN live.
Since the seats were quite limited, their profitability was limited as well. However, we were able to identify high demand from fans for these artists as the world tours proceeded.
Because of the demand they saw from fans, HYBE confirmed they would make the groups’ future concert venues twice as large. They weren’t the only artists HYBE planned to increase seats for.
So concerts scheduled for next year will be held in places with twice more seats than the venues this year. And as a result, we expect concert profitability to improve significantly.
Although veteran group SEVENTEEN performed at sizable concert venues for their BE THE SUN world tour, HYBE will also be getting bigger ones for them as well.
The world tours by SEVENTEEN, TXT, and ENHYPEN are well on the way, with most concerts being sold out. We expect that they will be able to perform at larger venues next year and onward. Thereby, contributing to both our top-line and bottom-line growth.