JYP Entertainment's Q3 operating profit surges 59 percent

Girl group ITZY [NEWS1]

JYP Entertainment’s operating profit jumped 59.34 percent on year for the third quarter to 43.8 billion won ($33.1 million) thanks to an increase of artists active on global stages.

The figure also exceeded market expectations of 42.6 billion won compiled by the market tracker FnGuide.

Revenue also was up 46.79 percent to 139.7 billion won, also above analysts’ forecast of 134.5 billion won.

Net profit surged 54.04 percent to 34.7 billion won and surpassed market expectations of 32.5 billion won.

Fourth-generation K-pop groups such as ITZY and NMIXX largely contributed to the rise of album sales outside of Korea, according to the company. A total of 20.5 billion won in sales made from those two girl groups was reflected in the third quarter earnings. Overall album sales including Korea jumped 16 percent to 57.7 billion won. Global album sales excluding Korea spiraled upward 72 percent to 36.6 billion won.

From January to September period, sales made from overseas made up 58 percent of the total.

Offline sales made from concerts grew 68 percent on year to 11.8 billion won.

By region, Japan contributed most to revenue growth, skyrocketing 140 percent on year, while North America and other regions’ revenue grew 94 percent on year.

For the fourth quarter, artists such as Stray Kids, NMIXX, Junho of 2PM, NiziU and Xdinary Heroes are scheduled to host world tours.

In Japan, Twice, Stray Kids, ITZY, Junho and NiziU are expected to host their own solo concerts.

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