Concert revenue grew tenfold for the NCT Dream and Red Velvet label, while recorded music sales declined 3.7%.
Last year, HYBE’s increasingly diversified business was nearly balanced between its three largest markets: Korea (33% of revenue), North America (32%) and Japan (28%).
With a major acquisition and an investment this week, the K-pop powerhouse is further diversifying and establishing itself on the world stage.
SM Entertainment shares also rose on news that HYBE had acquired a 14.8% stake in the company.
The shares were acquired from SM Entertainment founder Lee Soo Man.
The label that developed Migos, Lil Baby and others will now fall under HYBE America and the leadership of CEO Scooter Braun.
The HYBE chairman thanked the fans, saying, “I hope to keep striving to push the limits of our business.”
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