Hybe's first-quarter revenue hit an all-time high on the back of BTS's full-group return and rising momentum from newer acts, but the K-pop powerhouse swung to an operating loss after booking a one-time charge tied to employee bonuses funded by its chairman.
Revenue for the January-March period reached 698.3 billion won, up 40 percent from 500.6 billion won a year earlier, the company said.
Adjusted operating profit — which strips out a one-time, non-cash accounting charge — came in at 58.5 billion won, translating to an 8.4 percent operating margin. On an unadjusted basis, the company posted an operating loss after recognizing 255 billion won in expenses tied to a stock gift from its largest shareholder, Chairman Bang Si-hyuk, intended to fund employee bonuses. Hybe noted that the entry carries no impact on the company's net assets but must be booked as an expense under accounting rules.
Direct-participation revenue — covering recorded music, concerts and advertising — grew 25 percent year-on-year to 403.7 billion won. Recorded music alone nearly doubled, climbing 99 percent to 271.5 billion won.
The driver was BTS's fifth full-length album "Arirang," released as the group's first full-band project in roughly four years. The album moved 3.98 million copies on its release day alone.
Among newer acts, Katseye surpassed 32 million monthly Spotify listeners while Cortis's debut album "COLOR OUTSIDE THE LINES" has sold 2 million copies cumulatively.
Indirect-participation revenue — encompassing merchandise and licensing, content and fan club operations — rose 66 percent year-on-year to 294.7 billion won. Merchandise and licensing climbed 29 percent, while fan club revenue jumped 69 percent, lifted by presale demand for BTS's world tour. Tour-related goods, including the group's official light stick, and character merchandise based on artists across Hybe's music labels contributed to the segment's performance.
Weverse, the company's fandom platform, averaged 13.37 million monthly active users, a record high. Hybe said it expects further gains from the second quarter as Tomorrow X Together, Le Sserafim, Illit and others return with new releases alongside BTS world tour revenue.
gypark@heraldcorp.com
