South Korea-based entertainment company JYP Entertainment, home to K-pop superstars Stray Kids and TWICE, has published its financial results for the three months ended June 30 (Q2).
According to the company’s financials, published on Wednesday (August 14), it generated total revenues of 95.7 billion South Korean won (USD $70m) in Q2 across album sales, streaming concerts and more. JYP’s total revenue tally in Q2 reflected a decrease of 36.9% YoY.
JYP attributed its revenue performance during the quarter to an “absence” of releases and concerts from its “major artists” such as flagship stars ITZY, TWICE, and Stray Kids.
The absence of major artist activities at the company in Q2 also drove an 82% YoY decline in physical album sales, which reached 13.5 billion South Korean won ($10m) in Q2, versus 74.1 billion South Korean won in Q2 last year.
JYP’s results for the current quarter (Q3, ending September 30) will benefit from Stray Kids‘ US No.1 album Ate (JYP/Imperial/Republic), which was released on July 19. The video for the single Chk Chk, Boom features high-profile cameos from Deadpool stars Hugh Jackman and Ryan Reynolds.
JYP’s concert revenues, meanwhile, reached 14 billion South Korean won in Q2 2024, down 3% YoY.
The company also indicates that its artists will perform 130 concerts in FY 2024 vs.141 last year, however, the size of its audiences across those concerts this year will grow to 1.9 million vs. 1.4 million in 2023.
JYP attributes this audience growth forecast across its concerts this year to “increased proportion of sizable tours in Japan”, which, the company added, “will contribute to the concert margin growth” in FY 2024.
Elsewhere at JYP, the company reported that its overall streaming revenues grew 3% YoY to 12.79 billion South Korean won (USD $9.4m) in the three months to end of June.
The company also splits its streaming revenues into two segments, domestic and global. Global streaming revenues (revenues generated from streams outside of South Korea) reached 10.76 billion South Korean won ($8m) in Q2, up 5% YoY.
Domestic streaming revenues, meanwhile, fell 8% YoY, to 2 billion South Korea won ($1.5m).
Digging deeper into JYP’s financials reveals that the company’s advertising revenues grew 29% YoY to 9.23 billion South Korea won ($6.8m), while revenues generated by artist ‘Appearances’ grew 194% YoY to 7.9 billion South Korean won ($5.8m).
JYP also breaks down its financial results geographically and reveals that in Q2, revenues generated in Japan reached 22.97 billion South Korean won ($17m), down 7% YoY from 24.7 billion South Korean won in Q2 last year.
In China, meanwhile, JYP generated revenues of 3.9 billion South Korean won ($2.8m), up 5% YoY.
Revenues generated by JYP in its home market of South Korea fell 51% YoY to 39.1 billion South Korean won ($28.8m).
In markets outside of South Korea, Japan, and China, JYP generated 29.69 billion South Korean won ($22m) in Q2, which was down 32% YoY.
Elsewhere in the South Korean music industry, K-Pop giant HYBE generated 640.5 billion South Korean Won (USD $465 million) across all of its divisions in Q2. According to the company’s latest earnings report, published Wednesday, August 7, this represents a 3.1% YoY increase and a 77.5% jump from the previous quarter (Q1).
South Korea’s SM Entertainment, meanwhile, the company behind K-pop acts as NCT 127, EXO, Riize and aespa reported a 5.9% YoY jump in sales in Q2, to 253.9 billion South Korea won (USD $185.12m).Music Business Worldwide
