JYP posts record quarterly revenue; HYBE posts a loss; YG and SM show strong results.

JYP Entertainment reported that for the third quarter, consolidated revenue rose to 232.6 billion won, up 36.5% year on year. However, operating profit fell to 40.8 billion won, down 15.7% year on year. The operating margin dropped from 28.4% to 17.5%, a decline of 10.9 percentage points.

Despite an all-time high in management revenue, artist contracts and commissions surged to 62.3 billion won, up 165% year on year. Content production costs rose by 46.8 billion won due to new releases, domestic performances and rookie debuts, and other costs increased by 46.2 billion won.

YG Entertainment posted third-quarter consolidated revenue of 173.1 billion won, up 107.2% year on year, with operating profit of 31.1 billion won, turning to profitability. SM Entertainment posted third-quarter revenue of 321.6 billion won and operating profit of 48.2 billion won, up 32.8% and 261.6% year on year.

The results were supported by Blackpink and Treasure’s global tours, with Blackpink’s stadium tour drawing about 2 million attendees across more than 30 cities worldwide, boosting brand value and merchandise sales. Thanks to Blackpink’s performance, YG rebounded from prior weakness.

HYBE was the only among the four major agencies to incur an operating loss in the third quarter, reporting revenue of 726.4 billion won and operating loss of 42.2 billion won, due to one-off costs from North American restructuring and investments in expanding global labels. HYBE expects a fourth-quarter rebound as major artists resume activities in the second half and BTS members return, with Weverse profitability strengthening toward 2026.