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HYBE Revenue Soared in 2023, Led by Strong Album Sales from Seventeen & NewJeans
HYBE earnings show that NewJeans and Seventeen album sales helped grow 2023 revenue for the K-pop company along with an increase in streaming.
Streaming revenue got a boost from the company’s acquisition of Atlanta-based hip-hop label Quality Control in February 2023. Streaming revenue from the company’s Korean labels outside Korea also performed well last year, increasing 102% to 107 billion won ($81.9 million). Sales, general and administrative expenses increased only 17.7%, however, which helped operating profit improve 24.9% to 295.8 billion won ($227 million).
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