Korea’s top three management agencies — SM Entertainment, YG Entertainment and JYP Entertainment — have doubled their revenues over the past three years.
According to data compiled by the Financial Supervisory Service, SM Entertainment recorded sales of 156 million U.S. dollars last year, up 90-percent from 2010.
SM, which manages big names like Girls’ Generation and Super Junior, logged operating profits of 33 million dollars, up 35-percent, in the same period, while its net profits dipped 28-percent to about 17 million dollars.
YG Entertainment saw its revenue surge a whopping 136-percent during the 3-year period. Boasting groups such as 2NE1 and Big Bang, the agency’s sales came in at 100-million dollars last year. It recorded operating profits of 17.5 million dollars, up 67-percent, and its net profit also jumped 68-percent to 13 million dollars in 2013, from three years earlier.
JYP Entertainment, which represents Miss A and 2PM, saw its revenue rise 75-percent to 17 million dollars last year, from about 10 million dollars in 2010. It has posted operating deficit for three straight years since 2010, and its net loss came in at 4 million dollars last year.
The surge in revenue has been attributed to the growing popularity of local pop groups across the world, as well as strong record sales and products related to the Korean singers.