Hybe achieved a historic milestone as its Q3 revenue set a new record, surpassing previous benchmarks. The company reported consolidated revenue of 727.2 billion won for the quarter, marking a 37.8 percent increase compared to last year. This exceeds the prior quarterly record of 726.4 billion won set in Q4 of the previous year. Cumulative revenue through September reached approximately 1.93 trillion won.
Direct engagement revenue, which includes album sales, world tours, and live events, totaled 477.4 billion won. This represented 66 percent of total revenue. Concert revenue grew threefold to 245 billion won, fueled by BTS member Jin’s solo tour and tours by Tomorrow X Together and Enhypen. Album sales decreased slightly to 189.8 billion won due to fewer new releases.
Indirect engagement revenue, covering merchandise, licensing, content, and fan club operations, rose 22 percent to 249.8 billion won. Merchandise and licensing alone reached 168.3 billion won, a 70 percent increase year-on-year. Fans eagerly purchased tour merchandise, light sticks, and artist-branded character goods.
Weverse, Hybe’s global fan platform, posted a profit in Q3. The growth was supported by new digital memberships and advertising initiatives. Weverse plans to expand further with the launch of Weverse DM on China’s QQ Music on November 18.
Despite strong revenue, Hybe posted an operating loss of 42.2 billion won, down 5.8 percent. One-off costs from global IP expansion and restructuring of North American operations contributed to a 12-point drop in operating margin. Marketing and content development for new artists reduced the margin by an additional six points.
Hybe launched new groups globally, including Cortis in South Korea and Santos Bravos and Musza in Latin America. More acts, including Destino and Low Clika, are preparing to debut.
CFO Lee Kyung-jun emphasized that these temporary losses are part of a strategy to strengthen Hybe’s global growth and fan base. CEO Lee Jae-sang expects profitability pressures to ease in Q4, with revenue structures improving in the following year. He noted that BTS’ return and expansion of the multigenre strategy will further enhance Hybe’s long-term profitability.
