South Korea’s four biggest K-pop powerhouses, HYBE, JYP Entertainment, SM Entertainment, and YG Entertainment, have released their second-quarter 2025 earnings.
All four companies showed strong performance in Q2 2025, HYBE and JYPE even set new revenue records. On the other hand, SM delivered substantial profit growth, and YG returned to profitability after a tumultuous year.
These companies posted strong gains and record-breaking revenues and profits despite ongoing changes in the global music market.
HYBE Hits All-Time High for Second Quarter
On August 6, HYBE announced that its Q2 2025 consolidated revenue climbed to 705.7 billion KRW (505.7 million USD), up 10.2% from a year earlier (640.5 billion KRW or $460.7m), the highest second-quarter figure in the company’s history. Operating profit rose 29.5% to 65.9 billion KRW ($47.4m) while net profit surged 53.5% to 15.5 billion KRW ($11.15m).
The increase was driven mainly by live shows. Revenue from concerts increased by 31% compared to last year, reaching 188.7 billion KRW ($135.7m). This was due to the tours from SEVENTEEN, ENHYPEN, LE SSERAFIM, and BOYNEXTDOOR.
In particular, BTS member j-hope concluded his first solo tour on the BTS 13th debut anniversary. On the other hand, Jin began his tour on June 28 and wrapped in Amsterdam earlier this month. The activities and comeback of the hugely popular U.S.-based KATSEYE also added to the total.
However, recorded music revenue slipped 8.4% to 228.6 billion KRW ($164.4m) with HYBE citing a broader decline in physical album sales across the market. By the end of June, HYBE’s Weverse platform had 10.9m monthly active users, an increase from 9.6m a year earlier.
According to Hyundai Motor Securities’ analyst Kim Hyun Yong, HYBE’s Q3 operating profit could hit 81.9 billion KRW ($58.9m), thanks to a forecasted 123% increase in concert attendance to about 1.5 million people.
JYP Entertainment Sees Historic Growth with Stray Kids Tour
JYP Entertainment reported its highest quarterly revenue ever, fueled by global tours and merchandise sales. The label reported its best quarterly results to date, as sales reached 215.832 billion KRW ($155.2m), a 125.5% increase from Q2 2024. Operating profit rose 466.3% to 52.98 billion KRW ($38.1), and net income skyrocketed 2,734.4% to 36.259 billion KRW ($26.08m).
Concert revenue hit an all-time high of 62 billion KRW ($44.6m), a 342% jump from last year, thanks largely to Stray Kids’ dominATE World Tour. The tour, which spanned Latin America, North America, and Europe, sold over 2.1 million tickets, becoming the most-attended Korean-based world tour in history.
Revenue was further boosted by DAY6’s 45-date world tour for their 10th anniversary, eight shows by Xdinary Heroes, and seven performances from NEXZ.
Earnings from merchandise jumped 356% to 66.9 billion KRW ($48.1 million), driven by tour goods and global tie-ins such as Stray Kids’ Tamagotchi collaboration and TWICE’s Sanrio pop-up in Japan.
Physical album sales doubled to 27.1 billion KRW ($19.4m). Sales received a lift from Stray Kids’ Japanese release and fresh albums by ITZY, NEXZ, and KickFlip.
Streaming revenue declined 10% to 11.5 billion KRW ($8.3m), while appearance fees and advertising revenue rose by 22.1% and 22% respectively, both reaching new quarterly highs.
Geographically, South Korea accounted for 36% of JYP’s revenue, Japan 21%, China 2%, and the rest of the world 41%, up from 31% a year earlier.
SM Entertainment Sees Sharp Profit Increase
SM Entertainment reported consolidated sales of 302.9 billion KRW ($217.9m)for Q2 2025, a 19.3% year-on-year increase. Operating profit nearly doubled, rising 92.4% to 47.6 billion KRW ($34.2m) while net profit jumped 267.2% to 30.9 billion KRW ($22.2m).
On a separate basis, SM earned 220.3 billion KRW ($158.4m) in revenue and 46 billion KRW ($33m) in operating profit, up 26.5% and 56.9%, respectively. The growth came from stronger album sales, increased music revenue, and higher earnings from concerts and merchandise. Major subsidiaries also reported stable performance.
In Q2, SM’s roster included major projects such as Super Junior’s 20th-anniversary celebrations, BoA’s 25th-anniversary album, NCT DREAM’s full album, and new releases from TVXQ, WayV, and rookie duo XngHan&Xoul.
Looking to the second half of 2025, SM plans a packed release schedule including aespa, EXO’s Suho and Chanyeol, SHINee’s Key, Girls’ Generation’s Taeyeon, NCT Haechan’s first solo album, and more. Concert activity will remain strong, as RIIZE expands its first world tour, aespa launches a global solo tour, and multiple unit and solo stages from Red Velvet, NCT, and SHINee members.
Earlier this year, SM confirmed a strategic deal with the leading music platform in China, Tencent Music Entertainment. This partnership will strengthen IP production, distribution, and fan marketing in the region.
YG Entertainment Returns to Profit
YG Entertainment posted a consolidated operating profit of 8.4 billion KRW ($6.04m) in Q2 2025, a dramatic turnaround from an 11 billion KRW ($7.9m) loss a year earlier. Sales rose 11.6% to 100.4 billion KRW ($72.2m), while net profit reached 11.2 billion KRW ($8m), also reversing a loss.
The gains came despite no album releases during the quarter. Instead, YG relied on live tours, merchandise, and digital content.
BABYMONSTER’s first world tour, which began in January, included 32 shows in 20 major cities across Japan, North America, and Asia. Multiple sold-out dates leading to added performances. The group’s live skills, particularly their “hand mic” performances, received strong reviews.
TREASURE also contributed with their first U.S. tour, performing in New York, Washington D.C., Oakland, and Los Angeles. Both groups helped strengthen YG’s reputation for nurturing talent and delivering high-quality performances.
For the second half of 2025, YG is preparing new albums and tours for BLACKPINK, TREASURE, and BABYMONSTER. They plan to expand merchandise and digital content sales while adapting quickly to shifts in the Chinese market.
