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Photo = Yonhap news |
[Alpha Biz= Kim Sangjin] Major Korean entertainment companies are expected to see weak performance in 2024.
According to financial data provider FnGuide, HYBE, which surpassed 2 trillion KRW in revenue for the first time in 2023, is projected to achieve 2.1961 trillion KRW in sales in 2024, marking its highest-ever performance, a 0.8% increase from the previous year. However, operating profit is estimated to decline by 31%, from 295.6 billion KRW to 203.7 billion KRW.
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Photo = Yonhap news |
SM Entertainment is facing a similar situation. SM’s 2024 revenue forecast is 976 billion KRW, a 1.6% increase from the previous year’s 961.1 billion KRW, but its operating profit is expected to decrease by 33.4%, falling to 75.6 billion KRW.
JYP Entertainment, which is less affected, is expected to see revenue of 564.8 billion KRW, similar to the previous year, but operating profit is expected to decline by 24.5% to 127.9 billion KRW.
YG Entertainment, which has struggled to replace Blackpink with new artists, is expected to report the weakest results among the major entertainment firms. Revenue, which was 569.2 billion KRW in 2023, is expected to fall back to 368.3 billion KRW, returning to 2022 levels, with an operating loss of 22.6 billion KRW, resulting in a shift to a deficit.
알파경제 Kim SangJin (letyou@alphabiz.co.kr)
