The earning report from the first quarter of 2013 has been released for the “Big 3” companies.
The biggest jump in profit had YG Entertainment. The agency’s profit was 6,292,000,000 KRW (around $5.6 million USD), and it increased for more than 44,3% compared to the same period last year. Their total sales came in at 29,086,400,000 KRW (around $25.8 million USD), and their net profit added up to 4,164,000,000 KRW (around $3.7 million USD).
YG Entertainment commented, “As our artists’ overseas activities become more and more active, their royalties and sales increased. BIGBANG and 2NE1‘s world tours’ profits were included for the first quarter.”
Unfortunately, SM Entertainment had a huge loss of 80.0% in net profit compared to the same period last year, earning only 2,003,000,000 KRW (around $1.8 million USD). Their gross profit fell 72.1% to 5,076,000,000 KRW (around $4.5 million USD) while their sales rose a small percentage of 0.7% to 49,986,000,000 KRW (around $44.3 million USD).
However, the agency still has a hope for the better report after the second quarter, because the released report didn’t include the profits from the concerts in the first quarter.
SM Entertainment shared, “There are various big concerts that will be factored in the 2nd quarter, such as Girls’ Generation’s Japanese tour, TVXQ’s Japanese Dome tour, and SM Town Live. EXO is also going to start promoting actively in Korea and China. The artists’ various promotions will spring on a new momentum.”
JYP Entertainment improved their results and finally decreases their business losses. The agency saw a loss of 936,000,000 KRW (around $830,000 USD), what means that they managed to decrease the loss by 63.3% compared to the losses for the same period of 2012. Their sales increased 57.1% to 2,807,000,000 KRW (around $2.5 million USD), and their net losses decreased to over half of last year at 1,069,000,000 KRW (around $947,000 USD).
Article by: Karolina
Edited by: KareBare
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