HYBE, the South Korean entertainment giant behind K-pop phenomenon BTS, has today (August 6) reported its strongest second-quarter performance on record.
Part of that was helped by the solo activities of BTS’s members. But part of it was down to something people don’t necessarily readily associate with HYBE: country music.
Via its acquisition of Scooter Braun’s Ithaca Holdings in 2021, HYBE bought Nashville-based Big Machine Label Group, home to several major league country artists (and, of course, once home to Taylor Swift).
HYBE’s global group revenue climbed 10.2% YoY in Q2 to 705.6 billion South Korean won (USD $507.5 million). The company’s operating profit jumped 29% YoY to 65.9 billion won ($47m).
Perhaps the most notable stat in HYBE’s latest numbers?
Recorded music streaming revenues in H1 2025 (Jan-June) from HYBE’s two US-based labels – Quality Control and Big Machine Label Group – surpassed those generated by its Korean artists in international markets (i.e. all markets outside of Korea).
HYBE’s US labels generate 63 billion won ($45m) in streaming revenue in the six month period, exceeding the 59 billion won ($42m) international revenue of HYBE’s Korean labels.
At home, HYBE’s Korean labels generated 18 billion won ($13m) in streaming revenue in H1.
A big part of this HYBE’s successful performance in the US last quarter was country, via BMLG.
Thomas Rhett‘s Die A Happy Man earned an RIAA Diamond certification in the quarter, while Riley Green’s Worst Way claimed the No. 1 spot on the Billboard Country Airplay Chart.
Separately, HYBE AMERICA has seen success with newly-formed group KATSEYE, whose EP Beautiful CHAOS appeared on both Billboard and UK Official charts while selling out a 13-city North American tour.
The group’s singles Gnarly and Gabriela also saw multi-week runs on the Billboard Hot 100.
KATSEYE was formed from a talent search organized by HYBE’s partnership with Universal Music Group‘s Geffen Records.
According to stats shared by HYBE with investors, just 1% of the group’s Spotify listeners are based in Korea. Over 20% are in the United States, 17% in Europe, and 12% in the Philippines.
HYBE AMERICA recently restructured its American operations to better integrate activities across both North and Latin America under new Chairman and CEO, Isaac Lee.
HYBE’s Latin American division continues expanding through strategic partnerships and new content ventures.
The division recently launched audition program Pase a la Fama and established Santos Bravos, which is to debut a new Latin boy band. Recent signings include global artist DY and Latin pop band Morat.
Meanwhile, BTS members continued to generate revenue for HYBE through their solo activities despite the group’s military services, which have recently ended.
Jin‘s EP Echo reached No. 3 on the Billboard 200, while both Jin and j-hope secured spots on the Billboard Hot 100 with solo tracks Don’t Say You Love Me and Killin’ It Girl, respectively.
BTS will return as a complete seven-member group in March 2026.
Elsewhere in HYBE’s Q2 earnings, the company reported a 31% YoY jump in concert revenues to 188.7 billion won ($136m), fueled by solo tours from BTS members and performances by other HYBE artists.
Jin’s #RUNSEOKJIN_EP.TOUR and j-hope’s HOPE ON THE STAGE world tour drew strong attendance, as did HOSHI X WOOZI of SEVENTEEN’s fan concert [WARNING].
HYBE also attributed its strong concert revenue to tours from TOMORROW X TOGETHER and LE SSERAFIM. During the quarter, ENHYPEN performed at Coachella Valley Music and Arts Festival. The group is set togo on a 10-city tour across the U.S. and Europe, while BOYNEXTDOOR recently capped off their first solo tour and debuted at Lollapalooza Chicago.
Meanwhile, HYBE’s direct artist activities generated 447.9 billion won ($322m) in revenue, up 5.7% YoY, while recorded music revenue slipped 8.4% YoY to 228.6 billion won ($164m) amid industry-wide declines in physical album sales.
HYBE said SEVENTEEN’s studio album HAPPY BURSTDAY topped Korea’s album sales in H1, while ENHYPEN’s 6th mini album DESIRE : UNLEASH became a “double million-seller” within its first week.
Indirect revenue streams, including from official merchandise, intellectual property licensing, content, and fan club memberships, surged 19% YoY in Q2 to 257.8 billion won ($185m).
The increase came as merchandise and licensing revenue jumped 40% YoY to 152.9 billion won ($110m), driven by tour-related products.
Fan club memberships hit a record 34.6 billion won ($25m), up 46% YoY from the previous year.
HYBE’s global fan platform Weverse averaged 10.9 million monthly active users in Q2, peaking at 12 million following the June return of all BTS members from military service.
The platform’s revenue increased 41% quarter-on-quarter.
HYBE’s record Q2 earnings come as the company’s chairman, Bang Si-hyuk, faces an investigation over alleged “unfair trading” related to HYBE’s 2020 IPO. Bang along with three others at the company, is under investigation for what could be a serious violation of South Korea’s Capital Markets Act.
Bang allegedly pocketed 190 billion won ($137m) in profits from misleading certain pre-IPO investors into believing HYBE’s public stock listing would be delayed.
HYBE had told MBW that it’s “fully cooperating with the local authorities, including the financial regulators and the police, by submitting relevant materials and providing detailed explanations as part of the fact-finding efforts… We will take the necessary time to thoroughly demonstrate that the IPO was carried out in full compliance with laws and regulations.”
HYBE is also in the middle of a bitter feud between HYBE subsidiary ADOR, its former CEO Min Hee-jin and NewJeans.
HYBE has so far won the business and legal battle, with a South Korean court granting HYBE the injunction to prevent NewJeans from independent commercial activities.
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