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South Korean entertainment label HYBE recently unveiled its financial results for the fourth quarter and full year of 2023. In an earnings call on February 26, HYBE CEO Jiwon Park highlighted the company's impressive performance, boasting a remarkable 75.8% year-over-year growth in recorded music revenue.
BTS member Jungkook's solo album GOLDEN played a pivotal role in dominating charts across South Korea, Japan, the United States, Canada, and China, showcasing the highest sales and streams. Album sales were a driving force behind HYBE's revenue surge, contributing to a significant 96.36% increase.
According to the latest investor report by Music Business Worldwide, HYBE's annual revenues witnessed a substantial 2.178 trillion South Korea won in 2023. Translated to USD, this amounts to a staggering $1.66 billion at the average annual exchange rate.
Fans laud BTS Jungkook as a pivotal contributor to HYBE's 2024 global revenue
Released on November 3, 2023, Jungkook's GOLDEN features 11 tracks, including the pre-release song 'Seven' featuring Latto and '3D' featuring Jack Harlow. The album swiftly achieved the milestone of becoming a million-seller on Hanteo within three hours of its release, eventually transforming into a double million-seller in just five hours.
For groups, SEVENTEEN emerged as HYBE's top seller domestically in 2023, securing a combined 15.93 million physical album sales, according to data from South Korea's Circle Chart.
However, standing out among soloists was BTS' youngest member, Jeon Jungkook, whose debut solo album GOLDEN and singles like Seven and 3D contributed significantly, with 2.7 million album units sold in 2023.
Fans could not help but praise the BTS idol for his remarkable contribution to his label.
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As per reports, the driving force behind HYBE's revenue surge in 2023 was its 'Artist Direct Involvement' business line, which generated 1.471 trillion South Korean won (approximately $1.125 billion), marking a substantial 51.4% year-over-year increase.
In an interesting turn of events, HYBE's investor presentation revealed that the combined album units sold by all Korean artists under the company's umbrella in 2023 amounted to 43.6 million. This reflected a remarkable 96.36% year-over-year increase, translating to an additional 22.1 million album units compared to 2022.
Geographically dissecting HYBE's revenue sources in 2023, South Korea led the way, contributing 36% of the company's total revenues. Japan followed closely as HYBE's second-largest market, accounting for 31% of the total revenues. North America made a substantial contribution of 26%, while China constituted 1% of the company's revenue.
Recent reports highlight that BTS' Jungkook has surpassed 2.6 billion streams on Spotify with GOLDEN, making it the fastest studio album by a K-pop act and the first and only album by a K-pop soloist to achieve this remarkable feat.
Jungkook, along with his bandmate Jimin, have been fulfilling their mandatory military duty since December 12, 2023. Fans eagerly anticipate the return of all BTS members to the spotlight by June 2025.
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