South Korean entertainment powerhouse HYBE recently announced its financial results for the fourth quarter and full year of 2023, showcasing impressive growth and dominance in the global music industry. HYBE CEO Jiwon Park highlighted the company’s outstanding performance during an earnings call on February 26, emphasizing a remarkable 75.8% year-over-year growth in recorded music revenue.
A significant driving force behind HYBE’s revenue surge was BTS member Jungkook’s solo album, GOLDEN. Released on November 3, 2023, GOLDEN swiftly became a chart-topping sensation, dominating music charts across South Korea, Japan, the United States, Canada, and China. Jungkook’s album played a pivotal role in contributing to HYBE’s exceptional performance, showcasing the highest sales and streams among the label’s releases.
GOLDEN, featuring 11 tracks including the pre-release singles ‘Seven’ featuring Latto and ‘3D’ featuring Jack Harlow, achieved the milestone of becoming a million-seller on Hanteo within three hours of its release. Remarkably, it transformed into a double million-seller in just five hours, solidifying Jungkook’s status as a solo artist and contributing significantly to HYBE’s recorded music revenue.
According to the latest investor report by Music Business Worldwide, HYBE recorded annual revenues of 2.178 trillion South Korean won in 2023, equivalent to a staggering $1.66 billion USD at the average annual exchange rate. Jungkook’s GOLDEN album, coupled with BTS’ continued global success, played a pivotal role in HYBE’s financial achievements, garnering praise from fans worldwide.
While group sales were led by SEVENTEEN, who emerged as HYBE’s top seller domestically with a combined 15.93 million physical album sales in 2023, Jungkook stood out among soloists. The BTS youngest member’s debut solo album and singles, including Seven and 3D, contributed significantly to HYBE’s success, with 2.7 million album units sold in 2023.
Fans of BTS and Jungkook celebrated his remarkable contribution to HYBE’s global revenue surge, recognizing his talent, dedication, and impact on the music industry. As HYBE continues to thrive and BTS members pursue solo endeavors, the legacy of BTS and its individual members remains a driving force in shaping the future of K-pop and global entertainment.
