South Korea-based leisure firm JYP Leisure, house to Okay-pop superstars Stray Children and TWICE, has revealed its monetary outcomes for the three months ended June 30 (Q2).
In keeping with the corporate’s financials, revealed on Wednesday (August 14), it generated complete revenues of 95.7 billion South Korean gained (USD $70m) in Q2 throughout album gross sales, streaming concert events and extra. JYP’s complete income tally in Q2 mirrored a lower of 36.9% YoY.
JYP attributed its income efficiency throughout the quarter to an “absence” of releases and concert events from its “main artists” resembling flagship stars ITZY, TWICE, and Stray Children.
The absence of main artist actions on the firm in Q2 additionally drove an 82% YoY decline in bodily album gross sales, which reached 13.5 billion South Korean gained ($10m) in Q2, versus 74.1 billion South Korean gained in Q2 final 12 months.
JYP’s outcomes for the present quarter (Q3, ending September 30) will profit from Stray Children‘ US No.1 album Ate (JYP/Imperial/Republic), which was launched on July 19. The video for the one Chk Chk, Growth options high-profile cameos from Deadpool stars Hugh Jackman and Ryan Reynolds.
JYP’s live performance revenues, in the meantime, reached 14 billion South Korean gained in Q2 2024, down 3% YoY.
The corporate additionally signifies that its artists will carry out 130 concert events in FY 2024 vs.141 final 12 months, nevertheless, the dimensions of its audiences throughout these concert events this 12 months will develop to 1.9 million vs. 1.4 million in 2023.
JYP attributes this viewers progress forecast throughout its concert events this 12 months to “elevated proportion of sizable excursions in Japan”, which, the corporate added, “will contribute to the live performance margin progress” in FY 2024.
Elsewhere at JYP, the corporate reported that its total streaming revenues grew 3% YoY to 12.79 billion South Korean gained (USD $9.4m) within the three months to finish of June.
The corporate additionally splits its streaming revenues into two segments, home and world. World streaming revenues (revenues generated from streams exterior of South Korea) reached 10.76 billion South Korean gained ($8m) in Q2, up 5% YoY.
Home streaming revenues, in the meantime, fell 8% YoY, to 2 billion South Korea gained ($1.5m).
Digging deeper into JYP’s financials reveals that the corporate’s promoting revenues grew 29% YoY to 9.23 billion South Korea gained ($6.8m), whereas revenues generated by artist ‘Appearances’ grew 194% YoY to 7.9 billion South Korean gained ($5.8m).
JYP additionally breaks down its monetary outcomes geographically and divulges that in Q2, revenues generated in Japan reached 22.97 billion South Korean gained ($17m), down 7% YoY from 24.7 billion South Korean gained in Q2 final 12 months.
In China, in the meantime, JYP generated revenues of three.9 billion South Korean gained ($2.8m), up 5% YoY.
Revenues generated by JYP in its house market of South Korea fell 51% YoY to 39.1 billion South Korean gained ($28.8m).
In markets exterior of South Korea, Japan, and China, JYP generated 29.69 billion South Korean gained ($22m) in Q2, which was down 32% YoY.
Elsewhere within the South Korean music business, Okay-Pop big HYBE generated 640.5 billion South Korean Received (USD $465 million) throughout all of its divisions in Q2. In keeping with the corporate’s newest earnings report, revealed Wednesday, August 7, this represents a 3.1% YoY enhance and a 77.5% bounce from the earlier quarter (Q1).
South Korea’s SM Leisure, in the meantime, the corporate behind Okay-pop acts as NCT 127, EXO, Riize and aespa reported a 5.9% YoY bounce in gross sales in Q2, to 253.9 billion South Korea gained (USD $185.12m).Music Enterprise Worldwide
