Music companies can achieve significant revenue growth through strategic artist development and comeback releases, as demonstrated by HYBE's record-breaking first-quarter revenue of 698.3 billion Korean won, driven by BTS's comeback album 'Proof' which doubled recorded music revenue to 271.5 billion won, alongside a 25% increase in artist-driven activities to 403.7 billion won.
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HYBE hits a new high with BTS back #musicnewsAdded:
HYBE has reported its highest ever first quarter revenue at 698.3 billion Korean won, or around $473 million.
>> [music] >> The company says the surge came from BTS's long-awaited comeback, along with continued growth across its artist portfolio. Revenue from artist-driven activities rose 25% year-over-year to 403.7 billion Korean won. Recorded music revenue doubled to 271.5 billion [music] Korean won thanks to BTS's comeback album "Proof".
BTS's world tour has 85 [music] stadium shows scheduled across 34 countries. And HYBE says that >> [music] >> tour should help drive continued growth in the second quarter.
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