JYP Entertainment’s 3rd Quarter Net Profit Stuns Korean Netizens
JYP Entertainment has released its financial results for the third quarter of 2024, showcasing remarkable growth that has stirred up quite the conversation online.
The company reported revenues of ₩171 billion KRW (about $121 million USD), marking an impressive 22.1% increase from the previous year. Net profit also rose to ₩38.8 billion KRW (about $27.6 million USD), up by 11.7%, cementing this quarter as a standout in their financial history.
JYP’s record-breaking performance was supported by the successful return and activities of key artists. Stray Kids, NMIXX, TWICE‘s Tzuyu, and DAY6 all contributed to a significant boost in album sales, totaling 54.5 billion KRW. DAY6 played a major role in driving digital sales, leading to a record-high ₩3.10 billion KRW (about $2.20 million USD) in quarterly domestic streaming and download revenue.
Concerts and fan meetings were another major factor, bringing in ₩22.1 billion KRW (about $15.7 million USD), thanks to popular events such as Stray Kids’ world tour and DAY6 and ITZY’s performances. The merchandise section also saw an all-time high, generating ₩50.2 billion KRW (about $35.7 million USD), with Japan’s MD sales making up nearly half at ₩24.5 billion KRW (about $17.4 million USD).
Revenue from advertising and public appearances also climbed, influenced by the growing popularity and brand power of JYP’s artists. Advertising revenue alone reached ₩8.40 billion KRW (about $5.97 million USD), while artist appearances brought in ₩5.40 billion KRW (about $3.84 million USD). Although there was a noted decrease in “other revenue” due to changes in accounting recognition methods, the company’s overall profitability remained robust.
Netizens were thoroughly impressed by JYP’s performance, with many praising the company and all its artists for their hard work.
- “They’re the textbook example of focusing on what matters in the entertainment industry and making a profit without any nonsense.”
- “Stray Kids, TWICE, and DAY6 all seem to be solid moneymakers.”
- “Net profit is incredible.”
- “They’re making much more net profit than HYBE.”
- “People used to blame the lack of promo as the reason for their high net profit, but now it’s clear it’s because they’re focused on the artists and don’t waste time on unnecessary things. They really are top-notch.”
- “Stray Kids!! DAY6!!! They have the domestic and international markets on lock!!! J.Y. Park needs to starve, though.”
- “I’ve spent so much money on Stray Kids…”
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