Hybe Posts 10% Q2 ’25 Revenue Bump as Concerts, Merch Thrive

Thanks in large part to strong concerts, merch, and Weverse results, Hybe has reported double-digit year-over-year revenue growth for Q2 2025.

The K-pop giant posted its second-quarter earnings today, pointing to $509.4 million/₩705.7 billion (up 10.2% YoY) in total revenue for the period. Within the sum, Hybe attributed $323.3 million/₩447.9 billion to artist-direct operations, reflecting a 5.7% YoY improvement.

Despite solid sales from multiple BTS members, Seventeen, and others, Q2 recorded music revenue dipped 8.4% YoY to $165 million/₩228.6 billion within the artist-direct category, the Quality Control parent reported.

Nevertheless, with Hybe artists having delivered 140 concerts and fan meetings during H1 2025, the aforementioned live revenue spiked 31% YoY to $136.2 million/₩188.7 billion. J-Hope performed 33 of those shows, the company indicated, and Jin’s debut worldwide tour is ongoing.

“With large tours scheduled for the second half of the year,” Hybe CEO Lee Jae-sang said, “we expect the concert business to continue to grow.”

Rounding out the artist-direct side, Hybe pointed to roughly flat ads and appearances revenue of $22.1 million/₩30.6 billion.

As for the artist-indirect showing, 19% YoY growth resulted in revenue of $186.1 million/₩257.8 billion. Unsurprisingly, given the concerts boost, the majority of the total derived from merch and licensing ($110.4 million/₩152.9 billion, up 40.2% YoY).

Meanwhile, Hybe attached $50.7 million/₩70.2 billion (down 16.2% YoY) to the “contents” category, with Weverse growth driving the previously noted fan club revenue to $25 million/₩34.6 billion (up 46.2% YoY).

Within the superfan platform – which is expanding in Japan and elsewhere – average revenue per paying user climbed a bit from Q1 2025.

Particularly enthusiastic supporters look to have powered the hike; notwithstanding the modest ARPPU growth, Hybe highlighted a significant “payment amount trend” jump.

Additionally, Weverse average MAUs came in at 10.9 million during Q2 and peaked (in tandem with BTS’ members June return) at 12 million, Hybe relayed.

Elsewhere in the earnings report and corresponding call, execs didn’t appear to shed light on any particularly groundbreaking details. (Time constraints cut the Q&A portion short as well.)

However, they did reiterate plans to continue restructuring Hybe’s U.S. operations to prioritize label functions as opposed to management, emphasizing the former’s relative stability regardless of whether artists are active.

Also on the horizon are further Latin America expansion initiatives and an entry into the Indian music market, Hybe reiterated.

Lastly, it’s probably not a coincidence that Hybe chairman Bang Si-hyuk, who’s facing a fraudulent-trading investigation in connection with his company’s IPO, today pledged to cooperate with authorities and return to Seoul.

It’s unclear when these authorities will interview the Hybe founder, but it’s worth reiterating that South Korea’s National Tax Service just recently opened a different investigation yet into Bang and Hybe.