Hybe Posts Record First-Quarter Revenue As Concerts and Merch Offset Recorded Music Slip

Belift Lab act Enhypen, which is helping drive concerts revenue growth at Hybe. Photo Credit: Ten Asia

Thanks in large part to a substantial jump on the concerts side, Hybe has reported record Q1 2025 revenue of ₩500.61 billion (currently $349.36 million).The professional home of BTS shed light on its first-quarter showing today, with the mentioned revenue representing a close to 39% increase from the same period in 2024. As Hybe acts released relatively few albums during Q1, however, recorded revenue fell 5.9% YoY to $95.27 million (₩136.52 billion), the Quality Control parent indicated.

In part because of the less populated release schedule (and K-pop’s ultra-strong physical sales), streaming accounted for “nearly half” the recorded sum in the first quarter, Hybe relayed.

And when it comes to live performances, the Belift Lab owner confirmed $108.28 million/₩155.15 billion (up 252.3% YoY) in concerts revenue for Q1 2025. Explaining the hike, Hybe emphasized the ticket sales behind tours from Enhypen and especially J-Hope, besides a continued prioritization of superfan passes offering artist meetings and more.

At the intersection of superfan initiatives and concerts, Hybe also generated a whopping $74.25 million/₩106.40 billion from merch and licensing on the quarter, up 75.2% YoY. Meanwhile, the Weverse operator attributed $21.26 million/₩30.46 billion (up 39% YoY) to the fan club category. MAUs on Weverse (which added a “Listening Party” feature last month) were up a bit at 10 million, but average revenue per paid user slipped from Q1 2024, the report shows.

Rounding out the company’s Q1 revenue, ads and appearances kicked in $21.53 million/₩30.85 billion (up 10.9% YoY), against $28.77 million/₩41.23 billion (down 32.7% YoY) for “contents” including DVDs, per the document.

All told, then, Hybe identified Q1 2025 net profit of $38.59 million/₩55.30 billion, reflecting a YoY spike of 398.3%. When trading wrapped today, Hybe stock (KRX: 352820) was worth an even $176.55/₩253,000 per share, up 1.8% on the day and almost 29% from 2025’s beginning.

During the corresponding earnings call, Hybe touched on plans to debut new talent later in 2025 – including Japan-based Aoen (set to officially set sail in June) and a Big Hit group that will arrive in the third quarter. Additionally, execs reiterated a multifaceted long-term expansion strategy in Latin America.

Lastly, BTS’ reunion is also on the horizon for Hybe, which didn’t appear to address the ongoing NewJeans contract dispute during the call.

Earlier in April, Hybe’s gaming subsidiary scored a $20.5 million raise, and Scooter Braun-led Hybe America inked a distribution pact with Jermaine Dupri’s So So Def Recordings.