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HYBE, which is BTS and TXT's management company, is once again setting records and dominating the Korean music industry.
The agency released its Q4 2021 Earnings Report on February 22, a yearly revenue record covering album sales, advertising sales, concert earnings, and more.
The year before, its annual earnings reached 1 trillion KRW ($838,399,200), covering in-person and online concerts. It is the first Korean music agency to do so.
More about HYBE’s dominance in the Korean music industry
Several businesses have suffered financial losses as a result of the COVID-19 pandemic, while HYBE's sales have skyrocketed to new heights. Concert ticket sales in 2021 soared by 980.5 percent over the previous year, bringing in a total of 49.7 billion KRW ($41,672,605).
The majority of those earnings, 49.7 billion KRW, came from BTS's PERMISSION TO DANCE concert in Los Angeles in the fourth quarter of 2021.
The $1.05 billion purchase of ITHACA Holdings, a US media company that handles singers like Justin Bieber, enhanced revenue.
Weverse, a platform that allows fans to interact with artists, is the agency's initial venture into social media.
Monthly visitors have increased by 45 percent since the end of 2020, due to new arrivals such as the girl group BLACKPINK. The consumer base opens up the possibility of selling exclusive content.
In addition, the agency has announced some major plans for the year 2022. It intends to enter the NFT market by the middle of the year and launch new games this summer. BTS, TXT, and ENHYPEN will be performing in both domestic and international settings. This includes BTS's much-anticipated world tour.
There are great plans for artists in 2022, according to the HYBE IR Conference call for the 4th quarter 2021 report, as nations get the epidemic under control. TXT and ENHYPEN will perform their first live concerts since their debut, which is certain to delight fans.
BTS will be doing three in-person concerts in March, according to BIGHIT MUSIC.
K-pop boy group BTS is one of the major prospects over the company's future revenues. Kim Seok-jin, the eldest member, has until the end of the year to complete his mandatory military service.
Military duty is required to be completed for at least 18 months. Kim Seok-jin, whose stage name is Jin, has been granted an exemption from reporting for duty due to a law that allows pop singers to do so.
Other BTS members will also serve in the military at certain periods. This casts doubt on the group's capacity to perform.
By acquiring ITHACA and nurturing other artists, such as the boy group SEVENTEEN, HYBE has managed to maximize its profit.
