JYP Entertainment girl group Itzy. Photo Credit: Kinocine
Another day, another not-great K-pop earnings report: JYP Entertainment (KOSDAQ: 035900) has acknowledged a double-digit revenue slip for Q2 2024.
The professional home of Twice and Stray Kids just recently unveiled its financials for April, May, and June, following earnings releases from Hybe and SM Entertainment. As we reported, the latter K-pop giants’ performance breakdowns were mixed bags, with solid showings in certain areas and comparatively lackluster results elsewhere.
In keeping with the trend, JYP Entertainment posted $70.50 million (₩95.71 billion) in Q2 2024 revenue, down 36.9% YoY. Execs chalked up the material falloff to factors including a slower release schedule; physical album revenue decreased by 81.7% YoY to nearly $10 million (₩13.57 billion), the document indicates, against a modest 2.8% YoY boost for streaming ($9.43 million/₩12.79 billion).
Within the category, overseas listening revenue jumped 5.0% YoY to $7.93 million/₩10.76 billion, whereas listening in South Korea contributed a comparatively modest $1.50 million/₩2.03 billion (down 7.5% YoY).
Behind the overall revenue total, operations in South Korea delivered $28.82 million/₩39.13 billion (down 50.8% YoY) to JYP on the quarter, against $16.93 million/₩22.98 billion for the Japanese market (down 7.0% YoY), $2.88 million/₩3.91 billion for China (up 5.0% YoY), and $21.87 million/₩29.69 billion for all other regions (down 32.2% YoY).
Returning to results for all markets, concerts revenue slipped 3.1% YoY to $10.33 million/₩14.02 billion, with additional declines in merch ($10.81 million/₩14.68 billion, down 32.5% YoY) and the separately categorized YouTube ($3.44 million/₩4.68 billion, down 6.4% YoY).
Nevertheless, JYP artists are expected to attract a total of approximately 1.9 million fans to 130 concerts in 2024, up from 1.4 million attendees across 141 shows during the prior year, per the report.
Building on that concert-attendance increase – accompanied by an audience-location shift whereby Japan’s share is set to reach 62% – the quarter wasn’t without other relative high points, including a 194.4% YoY spike in appearances revenue ($5.84 million/₩7.93 billion) as well as a 29.4% YoY hike in revenue from adverts ($6.80 million/₩9.23 billion).
Even so, JYP Entertainment net profit slipped close to 95% YoY to $942,375/₩1.28 billion, according to the document. Following the financials’ release, JYP shares parted with almost 8% of their value to hit $37.04 (₩50,300) apiece, which is down over 50% from 2024’s beginning.
However, amid the initially mentioned revenue slowdown for various well-established K-pop players and seemingly the wider space, it’s worth concluding with JYP’s emphasis on the overall upward trajectory of its performance throughout the past decade.
2023 revenue, JYP spelled out in a graph, represents an approximately 1,000% improvement from 2015, is 265% greater than in 2019, and grew over 64% from 2022.
