In 2025 Q4, JYP Entertainment achieved the highest revenue of KRW 232.6 BN, increased by 16.8% year-over-year, setting a new record following 2025 Q3. Operating profit increased by 13.6% year-over-year to KRW 41.9 BN, and net profit increased by 6.4% year-over-year to KRW 27.9 BN.
The sales expansion of major artists’ albums, concerts, and MD drove the record-high quarterly revenue. We will now provide a detailed explanation of revenue by segments.
First, the Music segment achieved the largest quarterly revenue driven by the new releases and continuous strong sales from major albums. In 2025 Q4, a total of 6 albums were released, including Stray Kids' special album in November, NMIXX's first regular album in October, along with TWICE's special album, ITZY's mini album, NEXZ's Korean mini album, and Xdinary Heroes' mini album.
Stray Kids’ increased album sales in Western regions followed by their world tour in 2025 led to the record-high quarterly album revenue of 82.8 BN KRW, a 54.4% increase year-over-year. This revenue partially reflected sales from the 4th regular album <KARMA> released in August and the special album <DO IT>, as Western region album sales is recognized at the time of actual sale, not shipment. Furthermore, higher album unit prices in Western region and exchange rate also contributed to the additional increase in album revenue.
Streaming revenue was KRW 11.5 BN, a decrease of 48.1% year-over-year, due to the high base in China in 2024 Q4 and the reclassification of Europe streaming revenue this quarter. One-off China revenue from accounting change reflected in the last Q4 was about KRW 11.4 BN, and approximately KRW 9.0 BN of Europe streaming revenue has been reclassified from streaming to album revenue in this quarter. Excluding these one-off and adjustment factors, streaming revenue has increased.
For concerts, revenue increased by 10.0% year-over-year to KRW 41.8 BN from the world tours and domestic concerts despite the high base impact from the change in accounting recognition of Japan concerts in 2024 Q4. One-off recognition of Japan concerts included 16 shows in 2024 Q4 and 16 shows from previous quarters in 2024.
In this quarter, 14 concerts from TWICE’s world tour in Australia and Southeast Asia including 4 stadium shows in China region were reflected as well as 14 gross-revenue-based domestic concerts, etc. Domestic concerts included 2 shows of Stray Kids' Incheon Asiad Main Stadium encore concert, 2 shows of NMIXX's first world tour, 3 shows of DAY6's Special Concert, 2 shows of NEXZ's first domestic concert, 3 shows of Xdinary Heroes' encore concert, and 2 shows of J.Y. Park's year-end concert.
Additionally, the overage profit from Stray Kids' large-scale world tour which took place in 2025 Q2 and Q3 were further reflected during the final settlement process, driving the growth in concert revenue.
Advertisement revenue also increased by 35.2% year-over-year, reaching KRW 11.9 BN from the expanded global and domestic advertising portfolio. Appearances revenue decreased by 35.9% year-over-year to KRW 5.8 BN, due to a reduction in the number of domestic fan meetings and fan-concerts.
In Q4, MD revenue increased by 11.5% year-over-year to KRW 48.9 BN, reflecting concert and fan meeting MD from Stray Kids, DAY6, TWICE, and NMIXX, season's greetings, various collaboration MD such as SKZOO and Zootopia 2, etc., and Stray Kids' China pop-ups in two cities, Beijing and Guangzhou.
By region, expansion of gross-revenue-based domestic concerts and related MD sales led to an all-time high domestic revenue of KRW 114.2 BN, an increase of 45.5% year-over-year. Blue Garage also achieved the highest quarterly revenue of KRW 47.1 BN, up 62.8% year-over-year, from strong sales of Stray Kids encore concert MD and collaboration, TWICE's 10th-anniversary fan meeting pop-up, and NMIXX's character pop-ups. The online sales of Stray Kids encore concert MD and TWICE fan meeting MD are expected to be additionally reflected in 2026 Q1.
Despite increase in COGS from major artists' contract renewals and the expansion of gross-revenue-based domestic revenue, growth of album and MD sales maintained overall operating profit margin level. Content production costs increased by 36.5% year-over-year due to the expansion of album sales and domestic concert revenue. Artist fee was KRW 45.9 BN, a 1.3% decrease year-over-year, despite artist contract renewal, as the revenue contribution from early-stage artists like NMIXX grew. Other expense increased by 40.6% year-over-year to KRW 48.6 BN, driven by MD-related costs as Blue Garage MD sales increased.
Due to the rise in COGS, GPM decreased by 3.2%pt year-over-year to 36.2%. However, leverage from expansion of album and MD businesses successfully maintained the operating profit margin at 18.0%.
Next, I will explain the detailed breakdown of the 2025 annual result.
In 2025, revenue increased by 36.6% year-over-year to KRW 821.9 BN, setting a new record for the highest annual revenue. Operating profit rose by 21.0% year-over-year to KRW 155.2 BN, and net profit increased by 64.3% to KRW 160.6 BN, reflecting the gain on the partial sale of Dear U shares.
2025 was a significant year in which world tours by major artists took place and the global mass fandom base expanded to a new level, resulting in record-high revenue across various segments including concerts, MD, and appearances.
Album revenue exceeded market expectations, driven by increased sales of Stray Kids' two albums in the Western region and successful launch of various high-value-added digital (platform) albums, achieving KRW 206.6 BN, a 35.4% increase year-over-year. Streaming revenue recorded KRW 51.3 BN, a 20.6% decrease year-over-year, due to the continuous impact from 2024 Q4 one-off recognition of China streaming throughout the year and the reclassification effect of Europe streaming revenue in this Q4 as mentioned earlier.
Concert revenue set a new record, which increased by 82.4% year-over-year to an all-time high of KRW 188.9 BN. This remarkable growth was driven by Stray Kids' successful large-scale world tour in 2025 and overage profits from the North American and European regions.
Advertisement recorded its highest revenue of KRW 45.0 BN, a 31.2% increase year-over-year as global awareness of artists continuously expanded along with their mass fandom. Appearances also reached a record-high revenue of KRW 35.4 BN, reflecting a 30.3% increase year-over-year through major artists' fan meetings, including NMIXX's 18 fan concerts, and global festivals appearances, etc.
Lastly, MD achieved the highest annual revenue of KRW 188.5 BN, marking a 42.1% increase year-over-year. This was driven by business diversification including large-scale overseas concert MD, character MD, continuous growth of the Blue Garage, and expansion of various IP licensing collaborations.
By region, artists’ worldwide activities led to an all-time high revenue in Korea, Western regions, and China region. Annual domestic revenue reached its highest with KRW 352.0 BN, a 37.5% increase year-over-year, driven by artists' large-scale domestic concerts, fan meetings, and related MD sales. Revenue from Other Regions expanded by 87.2% year-over-year to KRW 269.0 BN, led by Stray Kids’ strong album, concert, and MD sales primarily in Western regions like North America and Europe. China region also increased by 13.3% year-over-year to KRW 31.6 BN from TWICE's concerts, NMIXX's fan concerts, and the activities of the local boy group CIIU, who debuted last year.
From the beginning of the year, there was a market concern regarding the impact of major artists' contract renewal. However, as we have communicated, the renewal impact on profitability was limited as the leverage effect was accompanied through economies of scale. On top of the leverage from mega IPs, additional growth momentum is expected from early-stage artists.
Artist fee increased by 72.0% year-over-year due to major artists' contract renewals and the expansion of management revenue. Content production costs rose by 39.8% year-over-year from increased album releases and gross-revenue-based domestic concert activities. Other expense increased by 37.1% year-over-year, reflecting fan meeting-related costs and domestic MD costs. Consequently, the annual GPM decreased by 5.7%pt to 36.9%.
Despite this increase in COGS, the impact on profitability was limited. OPM recorded 18.9% from leverage across all revenue segments including albums, concerts, and MD. Blue Garage OPM improved by 4.5%pt to 7.9%, enhancing profitability through platform internalization and MD business optimization.
Now, I would like to highlight Stray Kids’ major achievements in 2025, as Stray Kids continued their explosive growth in the global market.
Stray Kids ranked No. 2 on the 2025 IFPI ‘Global Artist Chart’ and No. 6 on the ‘Global Album Chart,’ becoming the only K-pop artist to rank in the Top 10 on both charts. By marking their fourth consecutive year in the Top 10 on both charts, they demonstrated their dominant global presence.
With their special album <DO IT>, released last November, Stray Kids became the first artist ever in Billboard history to achieve #1 with 8 consecutive albums on the ‘Billboard 200.’ They successfully concluded their world tour <dominate> with an encore concert in Incheon last October. This tour ranked No. 10 on Billboard’s ‘Top Tours 2025,’ which is a ranking based on only 31 concerts from Hong Kong, Latin America, North America, and Europe out of a total 56 concerts, recording the highest ranking for a K-pop artist. Throughout 2025, Stray Kids has consistently set new records, further elevating their status as a global top-tier artist.
Next, I will present major artists' activity plans and investment highlights.
We will continue to drive robust growth with our management strategies and capabilities tailored to each stage of the artist lifecycle. For early-stage artists, we will focus on establishing core fandom to build a solid foundation for growth. For mega global artists, we will further expand their global mass fandom to maximize their global leverage. We will also accelerate growth of localized artists through their activities strategically optimized for each region. By building such a diversified and solid artist portfolio, we aim to sustain long-term global growth.
2PM plans to host the group concert at Tokyo Dome this May to celebrate the 15th anniversary of their Japanese debut, which is a concert as a group in approximately 2 years and 7 months. They will solidify their position as a legacy IP capable of hosting large-scale dome performances, once again proving longevity and loyalty of concrete core fandom.
DAY6 ranked #1 on Spotify’s ‘2025 Most-Streamed K-Indie and Rock Artist in Korea’ and recorded the top ranks of ‘2025 Global Most-Streamed K-Rock Songs Chart’, demonstrating their strong streaming power. Their 10th-anniversary world tour, which started last August, will continue this year on an even larger scale at arena-sized venues across Asia, including Japan, China region, and Southeast Asia. This year, they will further expand their global footprint as the leading K-pop band through both group and solo activities.
TWICE has been successfully continuing their 6th world tour, which is their largest-scale tour, featuring 360-degree open seating across 43 regions for a total of 78 shows. For this year, a total of 52 shows are scheduled, including 46 shows in North America and Europe. This coming April, they will become the first-ever foreign artist to perform at Tokyo National Stadium in Japan, where they will host a total of 3 shows with 80K audiences per show. Furthermore, their unit group MISAMO's first Japan regular album, released last February, ranked #1 on major local charts. This once again demonstrated their top-tier global girl group position, proving their power as both full-group and unit. Based on their global popularity, they plan to continuously expand IP licensing collaborations with global brands, including 10th-anniversary collaboration with 'BE@RBRICK,' etc.
Stray Kids has announced their plans for new album and new tour in 2026, aiming to sustain their robust growth this year beyond their global achievements in 2025. Also, global pop-up stores for their official character, SKZOO, will be launched in major cities worldwide, strengthening character MD and IP licensing businesses. In March and April, they plan to host 4 shows of their 6th domestic fan meeting at the Inspire Arena. Furthermore, Stray Kids will headline major global festivals as the first K-pop group, including 'The Governors Ball Music Festival' in the U.S. in June and 'Rock in Rio' in Brazil in September, once again solidifying their position as a global mega artist.
ITZY has begun a new world tour, kicking off with 3 shows in Seoul this past February, in approximately a year and a half after the last tour. Starting in April, their tour will proceed across the Asia and Oceania regions, including Australia, Japan, and China region. More shows will be announced for North America and Europe. They will also diversify their artist activities, both group and solo, including solo debut of Yuna and appearances in drama and film.
NMIXX ranked #1 on major domestic music charts and held the top position for a long time with 'Blue Valentine,' released last October. The global success of ‘Blue Valentine’ still continues, charting in the U.S. ‘Mediabase Top 40 Radio Chart’ for 6 consecutive weeks and the top 30s of the ‘Billboard Pop Airplay’ for 5 consecutive weeks. Driven by this growing momentum, NMIXX has sold out their North American and European shows, starting this March, with more shows in additional regions to be added. We expect this world tour to accelerate the expansion of NMIXX's global fandom, serving as a catalyst to sustain their current steep growth momentum.
Celebrating their first debut anniversary, KickFlip successfully completed their first fan-concert tour of 12 shows across 5 cities in Korea from January to February, continuously building their core fandom. Following a pre-release digital single in March, they plan to release a new album in April. Recently, they have been demonstrating their position as a super rookie by consecutively securing group and individual brand advertisements.
Next are activity plans of our localized artists.
NiziU will release a new Japan album this April. They are currently on the arena tour in Japan with 12 shows in 5 cities, starting from this February. They are also planning a dome tour with 4 shows in 2 cities -Tokyo and Osaka, which is a significant upscale from their tour last year.
NEXZ is planning to release new global and Japan albums, along with an arena tour in Japan with 4 concerts in 2 cities this year. They will continue to actively expand their activities in both Japan and Korea throughout 2026.
BOY STORY is diversifying the member’s individual activities. In January, member Xinlong debuted in the project group ALPHA DRIVE ONE from Mnet’s ‘Boys II Planet,’ and another member, Zihao, will also debut in MODYSSEY, a project group targeting the China region.
Chinese local boy group, CIIU, recently won ‘Rookie Group of the Year’ at the 2025 Weibo Music Awards, consistently growing their presence in the market since their debut. They have been hosting a debut showcase tour in major cities in China since last November, focusing on activities to build core fandom.
GIRLSET has been showing a notable upward trend in multiple metrics, including Spotify monthly listeners and YouTube views, ever since their digital single 'Little Miss' in last November. They just returned this March with a new digital single, ‘TWEAK,’ and recorded #1 on ‘YouTube Trending Worldwide’ right after the release. With new album releases and various fan engagement activities, they will accelerate their growth in the North American music market throughout this year.
In order to secure mid-to-long-term growth, we aim to fully utilize our global top-tier partnerships and strengthen our global competitiveness by optimizing the value chain across key business segments—including music, concerts, and MD.
First, we are accelerating our global business expansion in the U.S. and China. Global MD licensing business is expanding through our concrete partnership with Live Nation in the U.S. Moreover, in China, we are strengthening our business competitiveness by establishing a new joint venture, 'ONECEAD.' This new entity was formed between CJ ENM and NCC Entertainment—which is our existing joint venture with TME. Through this new JV, we will manage local activities of the ‘Boys II Planet’ Chinese project group, MODYSSEY. By combining JYP's artist management capabilities, CJ ENM's content production, and TME's local infrastructure, we will continue to scale our business throughout the China region.
Second, we will maximize cross-segment synergies between MD and concert and expand our global IP licensing business. Previously, most tour MD were solely at concert venues, but starting with TWICE's ongoing world tour, we launched an integrated MD business structure that combines the world tour with MD pop-ups around the city. By concurrently hosting tour-linked city pop-up stores across about 20 major cities in Asia, North America, and Europe, we are adding a new sales channel and also lengthening the sales period. Moreover, we have roughly doubled our MD categories with new product launches, including exclusive editions for each city, apart from the ones that are sold at concert venues. We are aiming to broaden the spectrum of the fan experience by diversified designs using concert VCRs and album concepts, and separately operating MD categories sold at concert venues and city pop-ups.
Furthermore, we plan to launch a large-scale global pop-up store project with Stray Kids' character IP, SKZOO, kicking off in Korea this April. We will roll out city-specific limited-edition goods in major cities worldwide. By further expanding this character IP licensing business, we will reduce the quarterly volatility correlated with artist concert schedules and drive the stable growth of our MD business.
Lastly, we aim to enhance the synergy between our albums and platforms. We will increase the release of high-value-added digital platform albums—such as the speaker version of Stray Kids' special album, <DO IT>, and we will also further advance our integration with the FANS app. In doing so, we will provide an enriched global fan experience. Furthermore, we are expanding the FANS platform by adding the artist lineup for the FANS paid memberships including Stray Kids and DAY6 in 2026 Q1.
Now, we will introduce the albums and concerts scheduled for 2026. Similar to 2025, we are expecting about 20+ annual physical album releases excluding Japan albums. While a total of 215 concerts were held including Stray Kids’ large-scale world tour in 2025, for 2026, we expect about 200 concerts including TWICE’s large-scale world tour taking place in H1. The album and concert schedules disclosed in this slide are based on information currently released through official social accounts and the media and are subject to change with future announcements.