YG Plus Achieves Record First Quarter Earnings Thanks to Blackpink and HYBE Labels’ Artists
YG Plus has achieved first quarter earnings comparable to the “Earnings Surprise” level, boosted by the activities of the group Blackpink and artists from HYBE Labels.
YG Plus announced on the 10th that it recorded KRW 55.5 billion in sales and KRW 9.2 billion in operating profit for the first quarter of this year on a consolidated basis. This is the highest quarterly revenue ever with a 106% increase in revenue and 117% increase in operating profit compared to the same period last year.
On a separate basis, the first quarter sales revenue was KRW 46.4 billion, a 71.8% increase compared to the same period last year, and operating profit was KRW 4.6 billion, an impressive 1,193.6% increase.
The results were driven by the increase in merchandise sales due to Blackpink’s world tour, the successful sales of Blackpink member Jisoo’s solo single “Me”, and the strong sales of albums by HYBE labels’ artists such as BTS, BTS member Jimin, Tomorrow X Together (TXT), and ENHYPEN.
YG Plus is responsible not only for distributing music and content of YG-affiliated artists but also for HYBE-affiliated artists.
In addition, the strong performance of YG Plus’ new businesses, including the growth of its subsidiary Forest Factory, which was established at the end of last year for the purpose of eco-friendly album production, and investment income from YG Investment, contributed to the strong performance.
The second-quarter earnings, which are expected to be boosted by Blackpink’s world tour and comebacks of major artists from YG and HYBE Labels, are also highly anticipated.
YG Plus said, “We expect the growth of new businesses to be added to the robust revenue base of our main businesses such as music distribution and merchandise, and we will expand our investment in existing music infrastructure and devote our full capacity to strengthening our entertainment IP business to continue our growth.”
Source: daum
