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 (Aug. 14), it generated a total profit of 95. 7 billion South Korean won ($70 million) in the second quarter thanks to album sales, streaming of Array concerts and much more. JYP’s overall profit in the second quarter reflects a drop of 36. 9% year-on-year.
JYP attributed its earnings functionality in the quarter to an “absence” of releases and concerts through its “headliners,” such as 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 earnings for the current quarter (Q3, ending September 30) will benefit from Stray Kids’ US number one album, Ate (JYP/Imperial/Republic), released on July 19. The music video for single Chk Chk, Boom features high-profile cameos from Deadpool stars Hugh Jackman and Ryan Reynolds.
Meanwhile, 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 from 130 concerts in fiscal year 2024 to 141 last year, however, the audience length 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 profits 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% year-on-year from 24. 7 billion South Korean won in the second quarter. last 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 latest earnings report, released on Wednesday, August 7, this represents a 3. 1% year-on-year increase and a 77. 5% increase from the last quarter (first quarter).
Meanwhile, South Korea’s SM Entertainment, the K-pop corporate that operates as NCT 127, EXO, Riize and aespa, reported a 5. 9% year-on-year increase in sales in the second quarter to 253. 9 billion won South Koreans ($185. 12 million). .