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Hypebeast saw revenue for its first quarter, the three months to June 30, rise 57.9 percent year-on-year to approximately HK$200.8 million ($25.77 million), this represents a rise of 12.6 percent over the same period in 2019, prior to the outbreak of the pandemic.
A particularly strong rebound was seen in the group’s media business, with signed contract value rising 111.9 percent year-on-year, or 74.7 percent versus pre-pandemic levels in 2019. According to Hypebeast, a pandemic-accelerated digital shift in strategy for global brands resulted in a major shift in marketing and advertising budgets from traditional marketing channels to digital online channels.
“The group expects to benefit from this trend to continue for the foreseeable future,” it said in a release accompanying its earnings report.
“We have our eyes set on even higher targets for the rest of this year and next year,” added Kevin Ma, founder and CEO of Hypebeast Ltd.
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Hypebeast Records $9.1 Million Profit in 2021, Forecasts Strong Growth
The Hong Kong-based publisher said Tuesday that profits rose 7 percent in its financial year ending March 31 compared to a year earlier, despite revenue declining 10 percent on pandemic headwinds.
