Surges in concerts and merchandise led JYP Entertainment’s revenue to jump 126% to 215.8 billion KRW ($157 million) in the second quarter, the K-pop company announced on Wednesday (Aug. 13).
With operating expenses held in check, operating profit rose 466% to 52.9 billion KRW ($39 million) and net profit skyrocketed more than 2,700% to 36.2 billion KRW ($26 million).
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Concert revenue rose 342% to a record high of 62.0 billion KRW ($45 million), helping soften the blow of the 26% drop in the first quarter. Stray Kids performed 23 concerts in the quarter, including 12 in the U.S. and two in Mexico, which completed the group’s record-breaking 54-show world tour. DAY6 commemorated its 10th anniversary by completing its third world tour, performing 16 concerts in six countries, including six shows in South Korea, in the quarter. Xdinary Heroes had eight concerts and NEXZ hosted seven performances.
Merchandise revenue of 66.9 billion KRW ($49 million), also a quarterly record, was up 356% due to concert sales and global IP licensing collaborations (including Stray Kids with Tamagotchi and TWICE with Sanrio’s Japanese pop-up).
Physical album sales jumped 100% to 27.1 billion KRW ($20 million) on the strength of a Japanese release by Stray Kids and new albums by iTZY, NEXZ and KickFlip. Streaming revenue fell 10% to 11.5 billion KRW ($8 million).
Appearance revenue rose 22.1% to a record 9.7 billion KRW ($7 million), and advertising revenue improved 22% to 11.3 billion KRW ($8 million).
South Korea took the biggest slice of the revenue pie, accounting for 36% of JYP’s total revenue, down from 41% in the prior-year period. Japan and China accounted for 21% and 2%, respectively. The rest of the world generated 41% of the company’s second-quarter revenue, up from 31% a year earlier.