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 .
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