JYP Entertainment, the South Korean corporate house of K-pop superstars Stray Kids and TWICE, has released its monetary results for the quarter ended June 30 (Q2).
According to the company’s monetary data, released on Wednesday, August 14, it generated an overall profit of 95. 7 billion South Korean won ($70 million) in the second quarter from album sales, streaming, concerts, and more. The quarter reflects a year-on-year decrease of 36. 9%.
JYP attributed its quarterly profitability to the “absence” of releases and concerts from its “top artists,” such as rising stars ITZY, TWICE, and Stray Kids.
The lack of primary artistic activities within the company in the second quarter also led to an 82% year-on-year drop in physical album sales, which reached 13. 5 billion South Korean won ($10 million) in the second quarter, down to 74. 1 billion. South Korea won in the second quarter of last year.
JYP’s effects for the current quarter (Q3, ending September 30) will benefit from Stray Kids’ number one album in the United States, Ate (JYP/Imperial/Republic), released on July 19. The music video for bachelor Chk Chk, Boom features high-profile cameos from Deadpool stars Hugh Jackman and Ryan Reynolds.
JYP’s concert earnings reached 14 billion South Korean won in the 2024 quarter, down 3% year-on-year.
The company also says its artists will perform 130 concerts in fiscal 2024 to 141 last year, however the audience size for those concerts this year will be 1. 9 million to 1. 4 million in 2023.
JYP attributes this audience expansion forecast for its concerts this year to “a higher proportion of headlining tours in Japan,” which the company added will “contribute to concert margin expansion” in fiscal 2024.
Elsewhere in JYP, the company reported that its total streaming revenue rose 3% year-on-year to 12. 79 billion South Korean won ($9. 4 million) in the three months to the end of June.
The company also divides its streaming revenue into two segments, domestic and global. Global streaming revenue (profits generated from broadcasting outside South Korea) reached 10. 76 billion South Korean won ($8 million) in the second quarter, up 5% year-on-year. year after year.
Meanwhile, domestic streaming revenue fell 8% year-on-year to 2 billion South Koreans ($1. 5 million).
A closer look at JYP’s financials shows that the company’s advertising profits rose 29% year-on-year to 9. 23 billion South Korean won ($6. 8 million), while profits generated through artist “Appearances” rose 194% year-on-year to 7. 9 billion South Korean won ($5. 8 million).
JYP also breaks down its currency effects across geography and that in the second quarter, profits generated in Japan reached 22. 97 billion South Korean won ($17 million), down 7% from South Korean 24. 7 billion won in the previous second quarter. year.
In China, JYP generated 3. 9 billion South Korean won ($2. 8 million), a 5% year-on-year increase.
Revenue generated through JYP in its South Korea real estate market fell 51% year-on-year to 39. 1 billion South Korean won ($28. 8 million).
In markets outside South Korea, Japan and China, JYP generated 29. 69 billion South Korean won ($22 million) in the second quarter, down 32% from a year earlier.
Elsewhere in South Korea’s music industry, K-pop giant HYBE generated 640. 5 billion South Korean won ($465 million) across all its divisions in the second quarter. According to the company’s most recent earnings report, released on Wednesday, August 7, this represents a 3. 1% YoY and a 77. 5% increase from the last quarter (Q1).
Meanwhile, South Korean company SM Entertainment, the K-pop company that acts as NCT 127, EXO, Riize and aespa, reported a 5. 9% increase in sales from last year in the second quarter, up to $253. 9 billion. South Korean won ($185. 12 million). ).