JYP Entertainment surges to record-high results

Industry

Published: 11 Aug. 2023, 18:36

JYP Entertainment surges to record-high results

[JYP ENTERTAINMENT]

JYP Entertainment posted record-high operating profit and revenue for the April-June period due to explosive album sales and the resumption of in-person concerts.

Operating profit spiked 88.2 percent on year to 45.6 billion won ($34.4 million) for the second quarter. However, the figure was below the market estimate of 49 billion won compiled by FnGuide.

Revenue skyrocketed 123.9 percent to 151.7 billion won, also falling below the forecast of 154.1 billion won.

Net profit jumped 57.1 percent to 25.3 billion won. The figure was lower than the market consensus of 38.4 billion won.

Revenue generated from album sales lifted 194 percent to 86.6 billion won, which constitutes 57 percent of the quarterly revenue. Artists such as Stray Kids, Twice and Nmixx contributed to the massive jump in album sales.

Revenue from concerts also logged a record-high figure of 14.4 billion won, up 44 percent on year.

Revenue derived from sales in artist-related merchandise also leaped 151 percent on year to 14 billion won.

In the third quarter, world tours from girl group Twice, two domestic concert tours from boy band Stray Kids and one from boy band 2PM are scheduled. For album lineups, a solo album from Jihyo of Twice, girl group ITZY’s EP and a single from girl group Nmixx are scheduled.

For Japan, where JYP artists have a large fandom, concert tours from Twice, Stray Kids, NiziU and Junho of 2PM are expected to be take place there.

Meanwhile YG Entertainment, behind artists such as Blackpink and Treasure, also showed massive growth in operating profit and revenue for the second quarter.

Operating profit shot upwards 209.3 percent on year to 28.9 billion won, above the market consensus of 22.8 billion won.

Revenue skyrocketed 108.2 percent to 158.3 billion won, also surpassing the analysts’ expectations of 133.5 billion won.

Net profit logged a higher-than-expected figure of 27.1 billion won, up 215.9 percent.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]