Lim Young-woong Earned Over 20 Billion Won Last Year Alone

Settlement Amount Only 19.3 Billion Won · Dividends and Others 23.5 Billion Won

Singer Lim Young-woong (32) reportedly earned more than 20 billion KRW last year alone.

[Photo by Mulgogi Music]

According to the 2023 audit report of Lim Young-woong's agency, Mulgogi Music, on the 23rd, Lim Young-woong received 19.3 billion KRW as "service fees" from the agency last year. Adding the unpaid settlement amount of 3.2 billion KRW that Mulgogi Music has yet to pay Lim Young-woong and the 1 billion KRW in stock dividends allocated to him, it is estimated that Lim Young-woong's total earnings last year reached approximately 23.5 billion KRW.

Previously, in 2022, Lim Young-woong received 13.6 billion KRW in settlement payments and 750 million KRW in dividends, totaling 14.3 billion KRW. This means his income increased by about 59% (8.7 billion KRW) in just one year.

Mulgogi Music was established in 2015, with CEO Shin Jeong-hoon and two others holding 50% of the shares, and Lim Young-woong holding the other 50%. Lim Young-woong is the agency's only signed artist, making him both the sole artist and the largest shareholder of Mulgogi Music.

Last year, Mulgogi Music's sales amounted to 36.056 billion KRW, similar to the previous year's 35.698 billion KRW, with an operating profit of 11.359 billion KRW. However, there were differences in the composition of sales compared to the previous year.

Revenue from music tracks, albums, and performances was about 24.8 billion KRW, slightly down from 27.4 billion KRW the previous year. This decline is attributed to fewer concerts held; Lim Young-woong held 10 concerts in 2022 but only 7 last year.

On the other hand, income from media content surged by 490% to 5 billion KRW from 850 million KRW in 2022. This increase is interpreted as a result of Lim Young-woong's official YouTube channel surpassing 1.5 million subscribers in May last year. Additionally, the newly launched Shorts channel has 310,000 subscribers and gained popularity with over 90 million views in May last year.

Advertising revenue was recorded at 1.589 billion KRW. Although advertising income decreased by 57% compared to the previous year, it is expected to rise again this year with new advertisements from Hana Bank and Samdasoo.

Lim Young-woong rose to stardom by winning TV Chosun's "Mr. Trot" broadcast in 2020. Known to have endured various part-time jobs such as selling roasted sweet potatoes during his unknown days, Lim Young-woong faced rumors of a transfer worth hundreds of billions of KRW after his contract with TV Chosun ended in 2021. However, he partnered with CEO Shin Jeong-hoon, who had been with him before he became famous, and joined Mulgogi Music. The revenue generated through Lim Young-woong was fully reflected starting in 2022, and this year marks the first time the agency submitted an audit report.