HYBE confirms BTS’ Jin’s solo album after most successful quarter with 640.5 billion KRW revenue

On August 7, HYBE confirmed an thrilling pattern for BTS followers: Jin’s extremely anticipated solo album is formally within the works. The firm infamous, “Artists below HYBE MUSIC GROUP APAC will continue to lift stellar performances within the second half of of 2024, initiating with the solo album liberate by Jin of BTS later this 365 days.” This news has sparked a buzz of anticipation among followers desperate to perceive Jin’s solo mission unfold.

In a press liberate that accompanied the announcement, HYBE, the K-pop conglomerate, published its spectacular financial efficiency for the second quarter of 2024, reporting a story-breaking revenue of 640.5 billion KRW. This marks a critical amplify from the 621 billion KRW achieved within the identical length ideal 365 days, underscoring the firm’s resilience and increase despite going via within challenges, i.e., the ongoing feud with ADOR CEO Min Hee Jin.

Meanwhile, HYBE’s stellar financial efficiency became once driven primarily by voice participation gross sales, including album gross sales and music streams, which totaled an spectacular 423.9 billion KRW. No topic a broader decline in album gross sales all the design via the K-pop industry, HYBE’s main artists maintained exact gross sales, highlighting their persevered dominance within the market.

In the critical half of of 2024 by myself, HYBE artists sold over 15 million albums, representing 34% of all album gross sales in South Korea. Furthermore, the firm’s artists featured prominently in music streaming, with 8 out of the tip 10 most-streamed K-pop songs globally (excluding South Korea) attributed to them, per Spotify.

Nonetheless, the firm confronted a 37% tumble in its consolidated running profit for the second quarter, totaling 50.9 billion KRW. This decline became once attributed to the preliminary expenses connected with unique exchange ventures and the expansion of their artist roster. HYBE remains optimistic, stating, “The exchange is progressing smoothly as planned, and with moderately about a domestic and global actions scheduled for our artists, we question profitability to boost from the third quarter onwards.”

No topic those financial setbacks, the announcement of Jin’s solo album is a shining situation, signaling HYBE’s persevered commitment to its artists and their particular person tasks. The news comes at a time when BTS, one amongst HYBE’s flagship acts, is no longer actively promoting as the participants are enjoyable their protection pressure responsibilities, making Jin’s solo actions noteworthy extra anticipated by followers.

As HYBE navigates within challenges, including most modern turmoil involving ADOR’s CEO Min Hee Jin and doable management shifts, the firm’s a hit quarter and Jin’s solo mission offer a promising outlook for the rest of the 365 days.