JYP Entertainment has reported its sales and operating profits for the third quarter of 2022.
According to the company's quarterly report published on November 14, JYP Entertainment recorded a total sales amount of 95.1 billion KRW (~ $72 million USD) for the third quarter of 2022, a 66% increase from the same quarter in 2021. The agency reported a total operating profit of 27.5 billion KRW (~ $21 million USD), a 51% increase from the same quarter in 2021.
In live concert tours, NiziU's arena tour and Stray Kids's Japanese tour significantly contributed to operating profits, while in album sales, the company earned high sales and profits from TWICE, ITZY, and NMIXX's comebacks, as well as payments from Republic Records for agency artists' overseas promotions.
Furthermore, investment analysts predicted that JYP Entertainment will likely yield the company's greatest ever performance in the fourth quarter of 2022, with earnings from Stray Kids and ITZY's overseas tours.
Finally, JYP Entertainment's report described its artists' plans for the fourth quarter of 2022, as well as in 2023. First, Stray Kids will be releasing a new album in the fourth quarter of 2022, followed by the addition of 20 new tour stops throughout Q4 as well as in the first half of 2023. Girl group ITZY will be releasing a new album in Q4, followed by an arena tour in Japan in Q1 of 2023. TWICE will also release a new album in the first half of 2023, shortly before the debut of the group's first official Japanese unit.
Lastly, JYP Entertainment is expected to debut 4 new rookie teams in 2023.
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Wow that is a pretty big jump but it makes sense since 2022 is really when Japan started opening up again and hence allowed companies like JYP to once again profit massively from tours and releases in addition to doing world tours again. This was also a huge a year for Stray Kids going from rising underdogs to elite-status artists with their sales numbers and it doesn't hurt that NMIXX's album sales have been solid despite their lack of popularity on the charts.
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Once again I am impressed with the way JYP has managed to prove their worthiness of being considered Big 3 despite the challenge of keeping legacy artists outside 2PM.
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