JYP Entertainment projected to have the highest sales ever this year; 68.1% increase from 2022

Korean media is reporting that JYP Entertainment is experiencing their best sales year yet.

The agency recorded a strong global digital music sales performance, marking a third-quarter revenue of 139.7 billion won (a 46.8% increase from the same period last year). It is also anticipated that they will achieve a historic high revenue of 581.5 billion won this year, with a recorded operating profit of 43.8 billion won (a 59.3% increase compared to the same period last year).

Analysts suggest there has been a definite expansion in fandom size due to growth in concerts and merchandise sales. The upcoming fourth quarter is highlighted by Stray Kids’ comeback, the debut of a new Chinese project Project C, and the beginning of NiziU’s activities in Korea. It is also being predicted that contributions from Japanese concerts and year-end season greeting merchandise will likely set a new sales performance record.

In terms of album sales, there has been a strong comeback trend among girl groups, with ITZY selling 1.28 million copies, NMIXX with 920,000 copies, and TWICE’s Jihyo with 590,000 copies. This substantial increase in global digital music sales by 72% from the previous year is attributed to the expansion of artist fandoms.

Concerts are expected to be a driving force for fourth-quarter performance.Stray Kids made a comeback on November 10, and NiziU began Korean activities last month. In the fourth quarter, concerts by NMIXX, 2PM’s Junho, and Xdinary Heroes will be held. Analysts are also saying that a large revenue is coming from concerts specificially held in Japan, including Stray Kids’ dome tour, TWICE’s stadium tour, and NiziU’s arena tour.

TWICE, with a packed concert schedule until the end of the year including four dome venue performances in Japan and one in Jakarta, is anticipated to make a comeback in the first quarter of next year. Additionally, Project C will launch in the fourth quarter, followed by the debut of ‘A2K‘ girl group VCHA, Nizi2 in the first quarter of next year, and the debut of a rookie group in the second quarter of next year.

Meanwhile, based on these projections, it is forecasted that this year’s revenue will reach 581.5 billion won, a 68.1% increase from the previous year, with an operating profit of 184.9 billion won, a 91.3% increase from the previous year. Although this marks a record high, analysis suggests that this is just the beginning, and that such performance will likely be surpassed next year due to an increased lineup of JYP Entertainment artists.

Author: from www.allkpop.com

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