Operating Profit Soars 59.34%, Surpassing Market Expectations, Fueled by Success of Fourth-Generation K-Pop Groups

ITZY's instagram

JYP Entertainment witnessed a substantial 59.34% year-on-year surge in operating profit, reaching 43.8 billion won ($33.1 million) during the third quarter. This notable increase was attributed to the expanded global presence of artists under the agency.

The reported figure exceeded market expectations, surpassing the forecast compiled by market tracker FnGuide, which anticipated 42.6 billion won. Revenue also experienced a robust growth of 46.79%, reaching 139.7 billion won—above analysts' predictions of 134.5 billion won. 

▲ ITZY's instagram

Net profit followed suit with an impressive surge of 54.04%, totaling 34.7 billion won, surpassing the market's anticipated figure of 32.5 billion won.

The success of fourth-generation K-pop groups, specifically ITZY and NMIXX, significantly contributed to the boost in album sales outside of Korea. Sales generated by these groups amounted to 20.5 billion won in the third quarter alone. Overall album sales, including Korea, witnessed a 16% increase, totaling 57.7 billion won. Notably, global album sales, excluding Korea, exhibited a remarkable 72% surge, amounting to 36.6 billion won.

During the January to September period, overseas sales constituted 58% of the total revenue. Offline sales from concerts observed a noteworthy 68% year-on-year growth, totaling 11.8 billion won.

Geographically, Japan played a pivotal role in revenue growth, soaring by 140% year-on-year. North America and other regions collectively experienced a 94% year-on-year revenue increase.

Looking ahead to the fourth quarter, JYP Entertainment's artists, including Stray Kids, NMIXX, Junho of 2PM, NiziU, and Xdinary Heroes, are scheduled to embark on world tours. In Japan, solo concerts by Twice, Stray Kids, ITZY, Junho, and NiziU are anticipated.

Sayart.net 

Kang In sig, insig6622@naver.com