K-Pop Agency JYP Entertainment's Revenue More Than Doubles

JYP Entertainment, the South Korean agency behind global acts like Stray Kids and TWICE, said revenue more than doubled in the second quarter to 215.8 billion won ($154 million). Operating profit rose 466% to 52.9 billion won ($38.1 million), while net profit jumped 2,600% to 36.3 billion won ($25.9 million)."

The company attributed the growth to the success of Stray Kids' "dominATE" World Tour and revenue from the Netflix animated film, "K-pop Demon Hunters."

Concert revenue rose 342% to 62 billion won ($44.2 million) in the quarter, driven by Stray Kids' 'dominATE' World Tour. The tour concluded in June.

The tour set new records for a K-pop act in North America, Latin America, and Europe, grossing an estimated $185.9 million and selling over 1.3 million tickets across these regions. Merchandise revenue rose 356% to 66.9 billion won ($47.8 million). This demand was driven by sales of albums, apparel, and other collectibles. 

Other JYP acts also contributed to concert revenue, including DAY6 and TWICE's headline performance at Lollapalooza Chicago.

Beyond the concert halls, the Netflix hit "K-pop Demon Hunters" has become a global phenomenon, and JYP's involvement in its soundtrack has paid off handsomely. 

JYP's impressive quarter was also supported by other key business segments. Physical album sales saw a 100% year-on-year jump to 27.1 billion won ($19.4 million), driven by new releases, including a Stray Kids mini-album in Japan. The company's advertising revenue also grew by 22.4% to 11.3 billion won ($8.1 million). 

Sales outside of Korea, Japan, and China now account for 41% of the company's total revenue, a significant increase from 31% a year earlier and just 13% five years ago. However, it wasn't all positive news; the company's streaming revenue saw a 10.2% decline to 11.5 billion won ($8.2 million). 

JYP shares rose 4.8% following the earnings announcement, reversing earlier declines. The results outpaced other major K-pop companies, including SM Entertainment and Hybe, which also reported strong second-quarter growth.