SM Entertainment, YG Entertainment, and JYP entertainment Record Sales At An All Time High
evisu, Sept. 1, 2014, 8:52 p.m.
The three largest record labels in Korea: SM Entertainment, YG Entertainment and JYP Entertainment, have released their earnings for the fiscal year 2014 and all three are reported to be at an all-time high with record sales.
SM Entertainment reported in at 129,055,774,822 KRW (~$127 Million USD) which was a 20.73% increase from last years 106,893,380,255 KRW (~$105 Million USD). The company reported a gross profit of 10,171,639,829 KRW ($10 Million USD) after having to pay 10.2 billion KRW in taxes due to an investigation.
YG Entertainment’s earnings were reported at 77,295,461,023 KRW (~$76 Million USD) which was an increase of 27.9% compared to the previous year. Gross profits for YG Entertainment were 13,157,527,967 KRW (~$13 Million USD), which was a 11.5% increase, and net profits were reported with a 2.1% increase at 9,842,623,996 KRW (~$9.7 Million USD).
JYP Entertainment reported revenue for the first half of the fiscal year, and figures were at 16,524,662,185 KRW ($16 Million USD). Gross profits were reported at 842,899,408 KRW (~$832,000) and net profits were at 35,231,428 (~$35,000).