Yang Hyun-suk, founder and CEO of YG Entertainment [YG Entertainment]
YG Entertainment (YG) -- considered one of the top three talent agencies in Korea alongside SM and JYP Entertainment -- saw its most successful business year to date last year, recording the biggest profit the company has ever seen.
According to the annual audit report YG submitted to Korea's Financial Supervisory Service (FSS) on Friday, the agency recorded operating profits of 7.39 billion won last year with a net profit of 4.16 billion won, the company's biggest profit yet.
YG's total sales for 2009 was reported at 35.69 billion won, up a whopping 93 percent from the previous year to breach the 30 billion mark. The figure had continuously been on the rise since standing at 11.48 billion won in 2007 and 18.52 billion won the following year.
The increase can be attributable to the success of many of its artists including idol group Big Bang and girl band 2NE1, both of whom raked in significant income from their album sales, music downloads, commercials as well as earnings from the members' individual activities.
Meanwhile, SM stood at No. 1 in terms of net profit, posting gains of 4.47 billion won while JYP Entertainment (JYPE) reported a net loss of 4.08 billion won during the same period.
Industry experts explained however, that JYPE's net loss came largely from the company's significant investment in the overseas debut of popular girl band Wonder Girls, whose musical activities have yet to bring in profits.
YG, which stands for Yang Goon, was founded in 1996 by Yang Hyun-suk, a former member of popular Korean group Seo Tai-ji & Boys.
Yang is credited with creating and managing the successful careers of many K-pop artists including 1TYM, Gummy, Jinusean, SE7EN and Wheesung who started his career at YG but left in 2006.
The agency also manages several Korean actors including Kang Hye-jung and Ku Hye-sun of the "Boys Over Flowers" fame.
Reporter : Cho Bum-ja anju1015@asiae.co.kr
Editor : Lynn Kim lynn2878@asiae.co.kr
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