An absence of major artist activities caused revenue at K-pop company JYP Entertainment to fall 36.9% to 95.7 billion won ($69.8 million) from the same period a year ago, the company announced Tuesday (Aug. 13).
Although JYP saw gains from global streaming, album sales declined 82% to 13.6 billion won ($9.9 million), and albums’ share of the overall revenue mix declined to 14% from 49%. That led to a 51% drop in revenue in JYP’s home market of South Korea. Elsewhere, Japan dropped just 7% while China, a relatively small part of the company’s overall business, improved 5%. All other markets dropped 32% to 29.7 billion won ($21.6 million).
JYP’s most popular artists — including Twice, Stray Kids and iTZY — weren’t part of the second quarter release schedule, though Na, a solo album by Twice member NAYEON, came out June 14, topping South Korea’s album chart and reaching No. 1 on Billboard’s Top Album Sales chart. Additionally, NEXZ, a Japanese boy band, released its album Ride the Vibe on May 20.
Advertising revenue improved 29% to 9.2 billion won ($6.7 million) while concerts fell 3% to 14.0 billion won ($10.2 million). Consolidated operating profit slipped 79.6% to 9.3 billion won ($6.8 million) and net profit plummeted 95.0% to 1.2 billion won ($933,000).
Looking ahead, Twice conducted a stadium tour in Japan in July and has “various group/unit activities planned” for the second half of the year, according to JYP’s investor presentation. JYP forecasts 130 concerts in 2024, down from 141 in 2023, but it expects larger tours in Japan will help increase total audience to 1.9 million from 1.4 million a year earlier.
The third quarter will also be impacted by a new Stray Kids EP, Ate, which was released July 19. The video for the set’s leadoff single, “Chk Chk Boom,” boasts cameos by Ryan Reynolds and Hugh Jackman, the lead actors from box office hit Deadpool & Wolverine.