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HYBE confirms BTS' Jin's solo album after most successful quarter with 640.5 billion KRW revenue
K-pop conglomerate HYBE has recorded 640.5 billion KRW in Q2 2024, despite internal struggles and BTS’ ongoing military service; Jin's upcoming solo album promises a bright future. Read on!
On August 7, HYBE confirmed an exciting development for BTS fans: Jin's highly anticipated solo album is officially in the works. The company noted, "Artists under HYBE MUSIC GROUP APAC will continue to deliver stellar performances in the second half of 2024, starting with the solo album release by Jin of BTS later this year." This news has sparked a buzz of anticipation among fans eager to see Jin's solo venture unfold.
In a press release that accompanied the announcement, HYBE, the K-pop conglomerate, revealed its impressive financial performance for the second quarter of 2024, reporting a record-breaking revenue of 640.5 billion KRW. This marks a significant increase from the 621 billion KRW achieved in the same period last year, underscoring the company's resilience and growth despite facing internal challenges, i.e., the ongoing feud with ADOR CEO Min Hee Jin.
Meanwhile, HYBE's stellar financial performance was driven primarily by direct participation sales, including album sales and music streams, which totaled an impressive 423.9 billion KRW. Despite a broader decline in album sales across the K-pop industry, HYBE's major artists maintained strong sales, highlighting their continued dominance in the market.
In the first half of 2024 alone, HYBE artists sold over 15 million albums, representing 34% of all album sales in South Korea. Additionally, the company's artists featured prominently in music streaming, with 8 out of the top 10 most-streamed K-pop songs globally (excluding South Korea) attributed to them, according to Spotify.
However, the company faced a 37% drop in its consolidated operating profit for the second quarter, totaling 50.9 billion KRW. This decline was attributed to the initial costs associated with new business ventures and the expansion of their artist roster. HYBE remains optimistic, stating, "The business is progressing smoothly as planned, and with numerous domestic and international activities scheduled for our artists, we expect profitability to improve from the third quarter onwards."
Despite these financial setbacks, the announcement of Jin's solo album is a bright spot, signaling HYBE’s continued commitment to its artists and their individual projects. The news comes at a time when BTS, one of HYBE’s flagship acts, is not actively promoting as the members are fulfilling their military duties, making Jin's solo activities even more anticipated by fans.
As HYBE navigates internal challenges, including recent turmoil involving ADOR’s CEO Min Hee Jin and potential management shifts, the company's successful quarter and Jin's solo project offer a promising outlook for the remainder of the year.
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