- 1Q REV 136.5 BN (yoy+15.6%) / OP 33.6 BN (yoy-20.0%) / NP 31.4 BN (yoy-26.3%) 
  : [REV] 1) Record-high Japan / Japan concert REV, 2) highest quarterly streaming REV, 3) Management segments REV increased (Japan concerts & other management REV) 
  : [COST] Decrease in OP 1) Artist fee increased, followed by management segment REV expansion, 2) Labor cost & JYP360 commission (variable cost) increased

- 1Q GPM 44.5% (yoy-6.5%pt), OPM 24.6% (yoy-11.0%pt) decreased
  : Despite REV increase from segment diversification, increase in artist fee, labor cost, JYP360 commission led to a decline in GMP/OPM 

2. Notes on increased REV 
- Achieved record-high streaming REV & segment diversified despite decrease in physical sales
  : [Physicals] Decline in physical sales, 30.8 BN REV (yoy-24%) 
  : [Streaming] Recorded the highest streaming REV 15.8 BN (yoy+41%) as growth continues - global 13.1 BN (yoy+41%), domestic 2.6 BN (yoy+41%)
  : [Concert] 29.4 BN from 1) TWICE/ITZY World Tour, 2) Japan deferred concerts (29 times) reflected (18.6 BN) (yoy+335%)
  : [Ads/Appearances] Ads 7.8 BN (yoy+47%) / Appearances 4.7 BN (yoy+127%)

- Demonstrated global growth (global REV 59%), as Japan achieved the highest REV
  : [Japan] Record-high quarterly REV 44.2 BN (yoy+74%) - 29 times deferred concerts reflected (highest JP concert REV 18.6 BN)
  : [China Region/Others] REV decreased in China Region (yoy-34%) / Others (yoy-13%)

3. Notes on increased cost
- Increase in COGS followed by management segment REV expansion, increased SG&A from business expansion (JYP360, etc.) 
  : [COGS] Decreased content production (yoy-8%), Increased artist fee followed by management-related REV expansion (yoy+77%)  
  : [SG&A] Increased SG&A (yoy+49%) from 1) JYP360 commission (variable cost) from platform/shipping cost etc. (2.9 BN) 2) Labor cost (yoy+2.3 BN) 

- JYP360 OPM dropped due to variable commission cost, OPM 5.8% (yoy-10.1%pt) 


<OUTLOOK> 
1. Major artists' mass power expands in the global market / 2H increase in artist activities 
- [TWICE] First K-pop female artist group to go on Japan Stadium Tour, various group/unit activities planned in H2
- [Stray Kids] Confirmed to headline three global music festivals, World Tour planned and albums to be released in H2
- [ITZY] Second World Tour (28 regions 32 times) & comeback planned in H2
- [NMIXX] Currently on fan concerts in Asia, comeback planned in H2
- [NiziU] New album release and JP concert tour scheduled in H2
- [VCHA] Confirmed to perform in Lollapalooza Chicago/ New album to be released in H2
- [NEXZ] Preparing for global debut on May 20
- [Global Partnership] Strategic partnership with Republic Records / Live Nation to consolidate the NA market