HYBE, the South Korea-headquartered entertainment company behind BTS, has swung back to an operating profit, driven by the group’s world tour.
The company’s revenue more than doubled year-over-year to a record KRW 1.45 trillion (approximately USD $967 million) in the second quarter of 2026, according to HYBE‘s earnings release, published on Tuesday (July 28).
That was up 105.5% YoY and 107.6% QoQ, in what HYBE said was a record quarterly result.
Revenue from artist direct-involvement activities — which covers recorded music, concerts, and advertising — rose 132.2% YoY to KRW 1.04 trillion ($693m), which HYBE said was an all-time high.
Concert revenue was the standout line, surging 630.0% QoQ and 243.3% YoY to KRW 647.7 billion ($432m).
The BTS WORLD TOUR ‘ARIRANG’ launched in April, after the first-quarter reporting period had closed.
Recorded music revenue grew 43.0% YoY to KRW 326.8 billion ($218m), led by BTS‘s fifth studio album ARIRANG, which was released on March 20.
Operating profit reached KRW 170.9 billion ($114m), up 159.3% YoY, with an operating margin of 11.8%.
That marked a swing back to profit after the company posted a reported operating loss of KRW 196.6 billion in the first quarter, as previously reported by MBW.
That Q1 loss was driven by a one-time KRW 255 billion stock-based compensation charge, tied to a share contribution by a major shareholder used for employee and executive compensation.
Stripping out that charge, operating profit rose 192.4% QoQ from an adjusted KRW 58.5 billion in the first quarter.
Net profit swung to KRW 109.8 billion ($73m), up 610.1% YoY.
HYBE attributed the record quarter to BTS‘s world tour and to activity across its HYBE MUSIC GROUP labels.
According to Luminate‘s 2026 Midyear Report, ARIRANG ranked No. 1 in US vinyl and CD album sales in the first half of the year.
HYBE said albums by its artists accounted for five of the 10 best-selling CD albums in the United States over the same period.
HYBE said the album “contributed to South Korea becoming the world’s third-largest music exporter, behind only the United States and the United Kingdom”.
South Korea’s exports of K-pop albums reached a record $257.48 million in the first half of 2026, up 125% YoY, according to Korea Customs Service trade statistics published on July 17.
The United States was the largest importer at $74.12 million, followed by China at $61.18 million and Japan at $45.61 million.
Touring activity accelerated across HYBE MUSIC GROUP during the first half.
The group’s artists held 119 performances in the period, with more than 200 additional shows scheduled for the second half.
That puts HYBE “on track to significantly exceed last year’s total of 279 performances”, the company said.
ENHYPEN, which launched its world tour in May, expanded into South America for the first time with sold-out stadium shows.
LE SSERAFIM and BOYNEXTDOOR also launched new world tours during the half.
HYBE said the expanded schedule “is expected to further support HYBE’s merchandise and licensing businesses through concert merchandise sales and THE CITY projects”.
Revenue from artist indirect-involvement activities — including merchandise, licensing, content, and fan club memberships — climbed 59.1% YoY to KRW 410.1 billion ($273m).
HYBE said that figure “also reached an all-time high, supported by expanded artist activities”.
Merchandise and licensing revenue more than doubled YoY, rising 103.1% to KRW 310.6 billion ($207m).
HYBE‘s superfan platform Weverse, which turned profitable on an annual basis in 2025, reached a record 14.43 million monthly active users in the quarter.
That was up 8% QoQ, a slower pace than the 20% QoQ growth the platform recorded in the first quarter, when MAUs reached 13.37 million.
Total payment volume and average revenue per paying user rose 12% and 24% QoQ respectively, which HYBE said was “driven by higher user engagement and spending on memberships and paid content”.
The platform added communities for P-pop acts BINI and SB19, taking its total number of artist communities beyond 200.
Beyond BTS, CORTIS — which debuted through HYBE’s global expansion last year — surpassed 5 million cumulative album sales across its first two mini albums.
The group’s second EP GREENGREEN has sold more than 3 million copies and reached No. 3 on the Billboard 200, HYBE said.
In the US, KATSEYE won three awards at the 2026 American Music Awards, including New Artist of the Year.
The collaborative single ICONIC BY MISTAKE, featuring LE SSERAFIM, ILLIT and KATSEYE, debuted at No. 38 on the Billboard Hot 100 following its release on June 12.
The result caps a turnaround from 2025, when HYBE posted record annual revenue of KRW 2.65 trillion ($1.86 billion) but saw operating profit fall 73% as it invested in new artist launches and restructured its US business.
All KRW-USD conversions in this article were made at the average Q2 2026 exchange rate of approximately 1,500 KRW/USD; the 2025 figure reflects that year’s average rate.Music Business Worldwide
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