How well did two of the 'Big 4' entertainment companies, JYP Entertainment and YG Entertainment, perform in Q2 of 2023?
On August 11 KST, both entertainment labels reported their performance results from the second quarter of 2023. First, JYP Entertainment reported a sales amount of 151.7 billion KRW (~ $114 million USD), a whopping 124% increase from the same quarter last year. The label's reported operating profit amounted to 45.6 billion KRW (~ $34.3 million USD) for this quarter, a 88% increase from the same quarter in 2022.
Next, YG Entertainment reported a total sales amount of 158.2 billion KRW (~ $118.9 million USD) and an operating profit of 28.9 billion KRW (~ $21.7 million USD) for the second quarter of 2023, demonstrating an increase in performance of 108.2% in sales and 209.3% in operating profits when compared to the same quarter in 2022.
Compare the above to the Q2 performance report published by HYBE Labels and SM Entertainment.
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Twice and Blackpink really carried their respective labels with their world tours.
Album sales really don't generate all that much net profit; the really moneymaker for record labels is big stadium tours.
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