In 2025 Q1, revenue was 140.8 BN KRW, increased by 3.1% YoY, and operating profit was 19.6 BN KRW, decreased by 41.6% YoY. Net Profit increased by 120.2% YoY to 69.3 BN KRW from the sales of DearU shares. 

In Q1, music and concert sales both decreased YoY from an absence of major artists’ albums and concerts. Physical sales decreased by 3.8% YoY to 29.7 BN KRW, with new releases from early-stage artists including NMIXX mini, KickFlip debut, ITZY Yeji Solo, Xdinary Heroes mini, and NiziU single. Streaming decreased by 5.5% YoY to 15.0 BN KRW as global and domestic streaming sales dropped slightly. 

Moreover, concert revenue decreased by 26.3% YoY to 21.7 BN KRW due to lack of major artists’ large-scale concerts, while there was a high base effect from Japan. In 2024 Q1, 29 Japan concerts from 2023 were reflected, but only 18 Japan concerts, including MISAMO 2 times, NiziU 12 times, and DAY6 4 times, took place in 2025 Q1, resulting in 52.7% decrease in Japan concert sales.

In Q1, global fan meetings and fan concerts were actively held to strengthen the fan base, reaching 8.8 BN KRW in appearance revenue with an increase of 86.1% YoY. NMIXX held arena-scale fan concerts in Japan and continued fan concerts in Latin America. Stray Kids also held 3 arena-scale fan meetings in Korea. Through fan meetings and fan concerts, artists solidified their global fandom by communicating more closely with their fans.

Advertisement revenue increased by 14.6% YoY, reaching 9.0 BN KRW with the expansion of artist recognition.

In Q1, MD sales recorded 32.7 BN KRW, increased by 37.1% YoY, due to Japanese MD and Stray Kids' domestic fan meeting MD sales. Japan MD sales increased by 32.8% YoY due to strong sales of MISAMO and NiziU's Japan concert MD and Stray Kids' online MD. In the case of Stray Kids' domestic fan meetings MD, offline sales were reflected in Q1, and pre-ordered online sales will be reflected in Q2.

In Q1, OPM contracted to 13.9% from the album releases of early-stage artists, the absence of large-scale global concerts, artist contract renewal impact, and one-off production cost from INNIT Entertainment. 

Content production increased by 53.8% YoY due to the albums of early–stage artists including KickFlip debut album and the reflection of domestic concert production costs. Artist fee increased by 16.4% YoY due to artist contract renewal. Additionally, following the previous quarter, one-time "The Entertainer" production cost of 1.7 BN KRW was reflected in SG&A.

Now, I will present major artists' activities and investment highlights. 

JYP Entertainment will strengthen its global leadership position through the expansion of major artists' large-scale world tours and actively develop new global and localized artists to expand our artist lineup. Furthermore, we will continue optimization of the subsidiary's business, while enhancing the fandom experience and monetizing through internalized and integrated platform.

DAY6 is currently on their third world tour, the largest ever with a total of 45 shows in 23 regions. Ongoing KSPO DOME concerts have been completely sold out, and the digital single released on May 7th ranked the highest on the domestic music charts, demonstrating their power as an iconic K-POP band.

TWICE is diversifying their activities with group, unit, and solo projects and will further penetrate global audiences through a new world tour within the year. They also performed as a special guest at COLDPLAY Korea concerts. TWICE will keep solidifying their position as a global top tier artist, performing as a headliner at ‘Lollapalooza Chicago’.

Stray Kids are currently holding a massive world tour with the highest-ever number of audiences of 2.2 million with 55 shows in 34 regions. They plan to release two additional albums within the year and Korea encore show. Also, Stray Kids became the third K-POP group to break 20 million YouTube subscribers last April.

ITZY has diversified their activities with Yeji solo, and they are planning to release a new mini album in June. Active album releases and concerts are planned for this year as well.

NMIXX is successfully holding a total of 20 fan concerts in 12 cities in Latin America, Asia, China region, and Oceania. They are continuously expanding their global mass fandom through activities including their recent performance at the festival in North America. 

KickFlip, who debuted this year, is coming back with a 2nd mini album on May 26th. They are performing at global festivals including ‘Lollapalooza Chicago’ and will continue to enhance domestic and global core fandom through diverse activities throughout the year. 

NiziU released a global single and Japan mini album. They will further penetrate Japan and global fandom with the largest ever tour in 25 cities in Japan beginning from H2, and fan concerts in China Region in June. 

NEXZ who debuted last year are carrying out their activities both in Korea and Japan with the recent 2nd mini album release in Korea. Also, they are planning to release the Japan 2nd EP album on July 16th, with the announcement of additional 2 shows in Tokyo Budokan after one year of their debut. Including these shows, NEXZ is planning to have 18 concerts in Japan from June. They are diversifying their MD with official characters NEXZOO and FOX2Y.

Project C, with their official name ‘CIIU’, recently released a digital single. They are currently releasing digital contents and performing at Chinese local music festivals, and they will officially make a debut in H2. VCHA is planning a comeback with localized content. 

In 2026, we are planning to roll out new artists and launch new projects including L2K project and AI artist. JYP Entertainment will actively develop both global and localized early-stage artists, as well as enhance our global business capabilities by penetrating the global market and strengthening partnerships. 

Furthermore, we aim to continue investment in enhancing business capabilities to secure mid-to-long-term growth drivers. We will optimize our current business structure by enhancing the multi-label system and creativity capabilities within the company and by diversifying artist IPs.

Blue Garage completed ‘JYP SHOP’ and ‘FANS’ integration and internalization in April. Advanced e-commerce functions have been added to the FANS’ existing community features to enable fans to use community and commerce within one integrated FANS platform. We will utilize integrated data collected within FANS for strategic decisions. Also, we will strive to improve profitability and provide differentiated experiences for fans by introducing paid integrated memberships in H2.

In addition to platform internalization, Blue Garage is in the process of optimizing its MD business. We will improve profitability by significantly reducing offline pop-up stores and strengthening IP licensing collaborations. We will also diversify our MD product categories, including character merchandise such as SKZOO's Tamagotchi collaboration and NEXZ's FOX2Y. Blue Garage will aim to improve profitability through its platform internalization and MD optimization processes in 2025.

Next is the album and performance schedules for 2025. The detailed album and performance schedules disclosed in this slide are based on information currently released through official social accounts and the media, and they are subject to change with future announcements. Especially from Q2, we are expecting the growth mainly from concerts and tour MD as Stray Kids begin their stadium size tours in LATAM, North America, Japan, and Europe.