(2nd LD) Hybe posts record quarterly results as BTS tour lifts revenue

SEOUL, Nov. 3 (Yonhap) -- K-pop powerhouse Hybe announced its most profitable third-quarter results ever on Tuesday, driven by the ongoing worldwide tour of South Korean sensation BTS, which could propel the agency to become the first to achieve 4 trillion won in annual revenue. The company's preliminary revenue for July-September rose 109.8% year-over-year to 1.53 trillion won, while operating profit turned positive at 188.5 billion won, after an operating loss of 42.2 billion won the previous year. Net profit also turned positive at 11.3 billion won.

Hybe's revenue and operating profit both shattered previous records, surpassing 1.45 trillion won in revenue and 170.9 billion won in operating profit set in Q2. Operating profit also topped market consensus by 13.6%. Concert sales led growth, generating 726.8 billion won as BTS performed to up to 70,000 fans per show across Europe and the U.S. Other Hybe artists' tours, such as Enhypen, Le Sserafim, NewJeans, Boynextdoor, TWS, Illit, Katseye and Cortis, further bolstered the category.

Merchandise and licensing contributed 334.6 billion won, while album and streaming sales added 282.8 billion won.

With first nine months cumulative revenue reaching 3.674 trillion won, Hybe is just short of its 4 trillion won annual revenue goal. The company credited its diverse "multi-home, multi-genre" strategy for the strong results. BTS will continue its tour through the first half of next year to meet fans worldwide and work on new music and various projects to expand its reach.

CEO Lee Jae-sang said the company is in discussions with BTS regarding the group's plans post the Arirang tour and preparing diverse projects to build global momentum across its entire roster, including BTS.