(LEAD) Hybe posts highest Q3 revenue ever

SEOUL, Nov. 3 (Yonhap) -- Hybe, the entertainment company behind K-pop superstars BTS, on Thursday reported a revenue of 445.5 billion won (US$314 million) for the third quarter of the year, up 30.6 percent from a year ago.

It marks the highest-ever third-quarter sales in the company's history.

The record gains were a result of concerts and what the company calls "indirect involvement by its artists," such as merchandise, licensing, and their participation in the creation of games and other content featuring them, the company said in a regulatory filing.

Revenue from albums declined by 0.4 percent on year to 129.2 billion won, but concerts generated 47.2 billion won of revenue. In comparison, there were no concerts of Hybe artists in the third quarter of 2021 due to the COVID-19 pandemic.

Revenue from artists' advertisements, appearance fees and management fell by 11.7 percent on-year to 29.8 billion won, while the company saw a 34.7 percent increase in revenue from the artists' indirect involvement to 239.3 billion won.

The 2022 third quarter's net profit also rose 90.9 percent on year to 94.9 billion, beating market expectations. The average estimate of net profit by analysts stood at 48.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

The operating profit, however, was down 7.6 percent to 60.6 billion won.

Hybe explained the cost of producing an audition program to choose members of a new Japanese K-pop act was reflected ahead of the group's debut in December.

sshim@yna.co.kr
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