JYP's 2Q Operating Profit Falls 79.6% YoY to 9.3 Billion KRW... Park Jin-young Earns 2.8 Billion KRW in Compensation

Sales of 95.7 billion KRW, Operating Profit of 9.3 billion KRW
Down 36.9% and 79.6% Year-on-Year, Respectively

JYP Entertainment received a disappointing performance report for the second quarter.

On the 13th, JYP Entertainment announced that it recorded consolidated sales of 95.7 billion KRW and operating profit of 9.3 billion KRW for the second quarter of this year. Compared to the same period last year, sales decreased by 36.9%, and operating profit fell by 79.6%.

For the first half of the year, sales amounted to 232.2 billion KRW and operating profit to 42.9 billion KRW. These figures represent decreases of 13.9% and 51%, respectively, compared to the first half of last year.

JYP Entertainment explained, "Although content sales declined due to a gap in quarterly activities, management sales increased thanks to the rising global popularity of key artists," adding, "The temporary sales decline caused by the activity gap and some increased costs in JYP360 led to a contraction in the quarterly margin rate."

They continued, "We plan to secure additional future growth engines through the resumption of activities by key artists, strengthening our position in the global music market including North and South America, and establishing new labels based on existing capabilities."

Meanwhile, founder and CEO Park Jin-young received compensation of 2.83405 billion KRW in the first half of this year. Of this, the salary was 334.05 million KRW, and the bonus was 2.5 billion KRW. This amount is about 60% higher compared to the first half of last year.

The company stated, "In accordance with the executive compensation regulations, we comprehensively considered duties, positions, leadership, expertise, and contributions to the company," and explained, "Regarding the bonus, evaluations were based on leadership demonstrated to achieve the company's management goals such as global rookie projects, global producing, environment, and performance."