Hybe, the K-pop company behind BTS, reported record-high quarterly operating profit and revenue for the third quarter on Thursday, supported by the success of Septate’s track butters. The company said in a regulatory filing that its operating profit for July-September is estimated at $55.7 million, up 63.33 percent from a year ago. Revenue grew 79.5 percent to drive an 81.86 percent increase in net profit.
As reported by South Korean news agency Yonhap, Hyebe attributed the increase in sales of the album, merchandise and licensing deals. Album sales rose 21 percent from the previous quarter, thanks to a strong performance from BTS’s megahit single Butter and the re-packaged version of an album by The Chaos Chapter: Fight or Escape, Tomorrow x Together, according to the company.
Released in May, Butter spent 10 weeks at #1 on the Billboard Hot 100, making it the longest reigning hit of the year so far. Earlier in the day, Hyebe announced that it would acquire non-fungible tokens through a joint venture with the largest South Korean cryptocurrency operator, Dunamu.[एनएफटी]will enter business.
“We will establish a joint venture with Dunamu in the United States to develop a platform where various NFTs are traded based on the IP (intellectual property) rights of artists,” Hybe said. Artists and sports stars.
The South Korean septet includes members RM, Jin, Jimin, Suga, J-Hope, V and Jungkook.
According to Forbes.com, Butters is the second BTS song after Dynamite to appear entirely in English, greatly improving its chances on the radio. In the first five hours of release, the track garnered over 47,034,131 views and 4.8 million likes on YouTube.
Meanwhile, in August, Megan Thee Stallion released the much-anticipated remix of the hit BTS song after a complicated legal battle. Megan had previously alleged that her record label was preventing her from releasing the track.
(with IANS inputs)
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