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"HYBE Continues To Renew Career Highs, Including BTS Jungkook... 'Expanding Strategy At The Enterprise Level'"
Date: November 25, 2023
While BTS Jungkook's stage at Times Square in New York has become a hot topic every day, HYBE Labels artists are continuing their all-time box office hits. It is unrivaled achievements that dispels some concerns about the recent growth of K-pop at once. In particular, K-pop is showing remarkable growth not only in albums, where it has traditionally been strong , but also in music streaming, drawing attention to why.
According to HYBE on the 25th, BTS Jungkook's solo album "GOLDEN" is breaking new sales records at home and abroad. A total of 2,147,389 copies of "GOLDEN" were sold on the first day of its release alone. This is the highest first day sales among Korean solo artists. "GOLDEN" sold 2,438,483 copies in a week immediately after its release. As a result, Jungkook became a solo artist in Korea, which also released the highest level in terms of sales in the first week of its release.
"GOLDEN" is the first K-pop solo artist album to have more than 200,000 sales in the first 2eek of its release in the United States. The secret to the success of "GOLDEN" is that it showed high-quality music and performance through collaboration with famous artists based on HYBE America's network.
SEVENTEEN's new record is also currently in progress. The 11th mini-album "SEVENTEENTH'S HEAVEN," which was released on the 23rd of last month, sold more than 5 million copies initially for the first time in K-pop history. Adding to the achievements of their 10th mini-album "FML" released in April, SEVENTEEN has sold more than 16 million albums this year alone. This is an area that no other K-pop artists have ever reached.
TXT's "The Name Chapter: FREE FALL," released on the 13th of the same month, sold 2.25 million copies in a week from the release date. As a result, TXT broke its own initial record and recorded two consecutive first-weeks "Double Million Sellers" in the shortest period (4 years and 7 months) since its debut among K-pop artists.
ENHYPEN's momentum is also formidable. ENHYPEN's fifth mini-album "ORANGE BLOOD" released on the 17th, has been creating a craze right after its release. Sales on the first day alone reached 1,383,292, surpassing the initial 1.32 million copies of their fourth mini-album "DARK BLOOD."
HYBE Labels artists' new "career highs" is significant because it was made amid concerns about uncertainty the music market raised by some. It shows a decoupling pattern that is different from other K-pop companies.
The decoupling phenomenon is the result of HYBE's expansion strategy that has been in operation for many years. HYBE previously acquired and merged Ithaca Holdings and QC Media Holdings of the United States and carried out a joint girl group project with Universal Music Group (UMG). Recently, they also announced their entry into the Latin music market by establishing a Latin-American corporation. This has resulted in overcoming regional limitations and simultaneously expanding the spectrum of the core customer base, which is fandoms.
The new record for HYBE Labels artists continues in the music category as well. Le Sserafim became the first K-pop girl group to sing in English with "Perfect Night" and topped the Melon Top 100 and daily charts. "GODS," the theme song of the 2023 LOL World Championship sung by NewJeans, recorded the highest number of music video views and Spotify streaming on the first day among the championship theme songs.
HYBE continued attempts to expand the extension of K-pop are expected to accelerate the decoupling phenomenon. One of HYBE's unique points of differentiation is its steady Merger and Acquisition (M & A) and establishment of a network with the world's top composers and producers through collaboration with global music companies. It laid the foundation for maintaining solid growth regardless of geopolitical risks in specific regions.
The market is also giving a positive assessment of HYBE's expansion strategy. Eugene Investment & Securities said in a report earlier this month, "It is positive that the artist IPs will become more colorful and the U.S. label acquired will increase its contribution to music sales," and evaluate that the multi-label and acquisition strategy have been successfully established. Daishin Securities also recently mentioned, "The profit growth of low-year IP will be greater than that of competitors due to high demand in Western markets with high purchasing power."
An official from HYBE said, "We are enjoying a box office success with the outstanding capabilities of artists, support from fans, and expansion strategies at the company level. We will make every effort to establish a sustainable growth structure through aggressive investment."
Source: Sport Seoul
