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| ▲ K-pop girl group BLACKPINK is seen in this photo provided by YG Entertainment. (PHOTO NOT FOR SALE) (Yonhap) |
SEOUL, Aug. 9 (Yonhap) -- YG Entertainment reported an operating loss of 11 billion won in the second quarter of this year, according to the firm's financial disclosure made on the 9th.
This marks a significant turnaround from an operating profit of 28.9 billion won in the same period last year.
The result fell far short of market expectations of an operating profit of 2.6 billion won, as compiled by Yonhap Infomax. Revenue also decreased by 43.1% year-on-year to 90 billion won, with a net loss of 3.4 billion won recorded.
YG explained that "investment expenses continued in the second quarter, leading to a decline in profits" and requested that this year be viewed as a foundational year for investing in the growth of low-tier intellectual properties (IPs) into top-tier status.
The company has actively promoted the recently debuted rookie girl group Baby Monster, following their official debut, and has launched an overseas fan meeting tour.
Looking ahead, YG noted, "Next year, we have plans for BLACKPINK's comeback and a large-scale tour," adding that Baby Monster is preparing to release a full-length album in the second half of this year and will begin their tour early next year.
Furthermore, the group TREASURE is preparing for a global project that extends beyond Japan and Asia.
In addition, WINNER is gearing up for a complete group activity next year after the members finish their military and social service by the end of this year. AKMU, the sibling duo celebrating their 10th anniversary this year, is also expected to engage in active promotions.
YG highlighted that a project with 2NE1, which is celebrating its 15th anniversary, is expected to continue through next year.
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