Content featuring BTS and management fees from Ithaca’s clients helped generate record revenue in the third quarter.
It took a coalition of songs, artists and merchandise — plus a big acquisition — to help Korean music company HYBE, the home of BTS, recover from a fourth straight quarter without touring revenue. BTS’ hit “Butter” and revenue from Ithaca Holdings, which HYBE acquired in April, helped the company post record quarterly revenue of 341 billion KRW ($288 million) in Q3, up 79.5% from the prior-year period, the company announced on Thursday (Nov. 4).
HYBE held up remarkably well while the pandemic has brought its concert business, historically a major money-maker, to a complete standstill. Concerts accounted for 29% and 33% of HYBE’s total revenue in 2018 and 2019, respectively, but just 1% in 2020. Through September, the company has no revenue from live concerts, although it has hosted live BTS events online during the downtime.
That will change in the fourth quarter when BTS returns to the stage for the first time since the 2019 BTS World Tour. The group will have four performances at SoFi Stadium in late November and early December, and an appearance at the KIIS-FM Jingle Ball at The Forum on December 3. Both venues are located in Inglewood, Calif.
