JYP Leisure (KRX: 035900) has inked an expanded partnership settlement with Common Music Group’s Republic Information amid a genre-wide push to realize Ok-pop progress on the world stage.
The bolstered tie-up between Seoul-headquartered JYP Leisure, Republic, and the latter’s indie-focused Imperial Music got here to gentle in stories from South Korean shops. A concise announcement from the concerned corporations was subsequently made accessible stateside.
Based by the namesake J.Y. Park 26 years again, music and leisure company JYP serves because the skilled dwelling of outstanding Ok-pop acts together with Twice, Itzy, and Stray Children, to call a couple of. In accordance with its Q1 2023 earnings breakdown, JYP throughout this yr’s preliminary three months generated ₩118 billion (presently $89.99 million) and recorded a web revenue of ₩42.7 billion ($32.56 million).
And per the aforementioned announcement and stories, the just-finalized label partnership encompasses distribution and extra – with a selected deal with helping the entire JYP roster to find followers in worldwide markets.
After all, proof means that Ok-pop remains to be increasing on the income and supporter fronts, with Hybe (which is likewise partnered with Common Music) and SM Leisure having posted strong Q1 financials. As a part of the identical earnings analyses, each companies underscored their worldwide-buildout ambitions.
In a press release, JYP Leisure CEO Jimmy Jeong touted his firm’s UMG union as “a brand new chapter,” whereas Republic head Monte Lipman took the chance to emphasise his imaginative and prescient for Ok-pop’s progress potential.
“This partnership was born out of mutual respect and admiration,” relayed 58-year-old Lipman. “We acknowledge the unimaginable alternative to be on the forefront of the subsequent Ok-Pop explosion. The potential is limitless.”
Price mentioning in conclusion is Ok-pop corporations’ ongoing growth in China (which now boasts the fifth-largest music market on the planet, in keeping with the IFPI) and the adjoining rise of C-pop that well-known gamers are fueling.
JYP Leisure has had an workplace in China since 2008 (in addition to a Thailand division since 2011), operates a three way partnership known as Beijing Shisung with Tencent, and has teed up the debut of a Chinese language boy group named Mission C for later in 2023.
In the meantime, Hybe final month unveiled a brand new distribution take care of Tencent Music, enabling its artists to maintain on reaching the Shenzhen-headquartered streaming firm’s reported 94.4 million paid customers. Hybe inventory (KRX: 352820), at ₩272,500/$207.76 per share, is up virtually 60 % since 2023’s starting, in comparison with a 92 % enhance for YG Leisure inventory (KRX: 122870), a 36.30 % enhance for SM Leisure inventory (KRX: 041510), and an 87 % spike for JYP inventory (KRX: 035900).