JYP Entertainment Revenues Soar Following Ultra-Successful Stray Kids Tour

Photo Credit: Stray Kids for NewsInStar / CC by 3.0

K-pop agency JYP Entertainment reports blockbuster quarterly earnings based on the success of several major tours by acts like Stray Kids.Seoul-based K-pop agency JYP Entertainment reported a 125.5% year-over-year increase in revenue—more than double—to 215.8 billion Korean won ($154 million) in Q2. That’s in no small part thanks to the mega-successful world tours of acts like Stray Kids, DAY6, and TWICE, and Netflix’s gangbusters film ‘Kpop Demon Hunters.’

The company’s reported operating profit was up by an astounding 466.3% year-over-year at KRW 52.9 billion ($37.7 million). Net profit during Q2 stood at KRW 36.3 billion ($25.9 million), up 2,734.4% year-over-year. A significant part of that growth came in the live entertainment sector, which saw revenue growth of 342% year-over-year to KRW 62 billion ($44.2 million).

JYP specifically singled out K-pop boy band Stray Kids’ recently completed world tour, which saw the group perform 54 shows in 23 cities across Asia, Oceania, Latin America, North America, and Europe. The tour kicked off in August last year and was completed just a few weeks ago with a finale at Rome’s Stadio Olimpico.

Live Nation reports that Stray Kids’ World Tour is now the highest-grossing and best-selling tour ever by a K-pop act in North America, Latin America, and Europe. Performances by K-pop act DAY6 and girl group TWICE were also contributing factors to JYP’s concert revenues in Q2, including TWICE’s headline performance at Lollapalooza Chicago.Notably, three members of TWICE—Jeongyeon, Jihyo, and Chaeyoung—contributed to the soundtrack of Netflix’s movie ‘Kpop Demon Hunters.’ The track “Takedown” has become the highest-charting song on the Billboard 100 to have come from a Netflix film.

JYP Entertainment’s lucrative artist tours also boosted the company’s merch sales, which saw a 355.9% year-over-year increase to KRW 66.9 billion ($47.7 million). That was aided by collaborations between the groups Stray Kids and TWICE, and the brands Tamagotchi and Sanrio, respectively.

Meanwhile, JYP’s efforts to internationalize its business are paying off, with the world beyond Korea, Japan, and China seeing a growing share of revenue. Sales outside those regions made up 41% of the total last quarter, up from 31% the previous year and only 13% five years prior.