YG PLUS made a loss of 2 billion won in first quarter of 2024
YG PLUS announced on the 10th that it recorded sales of 41.5 billion won and an operating loss of 2 billion won for the first quarter of this year according to consolidation standards.
YG PLUS's first-quarter sales decreased by about 25% compared to the same period last year and about 17% compared to the previous quarter. Operating profit turned into a loss.
Regarding the reasons for the operating loss, YG PLUS cited the evaluation loss of its subsidiary YG Investment and expenses for platform development and new investments. In particular, it analyzed that the absence of major artists from YG and HYBE, as well as the disappearance of the effects of BLACKPINK's world tour, contributed to the poor quarterly performance.
A YG PLUS official explained, "The evaluation loss of our subsidiary YG Investment is a temporary phenomenon due to stock price fluctuations. It is an evaluation loss based on the first quarter, but it is profit based on realized gains and losses." He added, "Our core business, including music distribution and eco-friendly album printing subsidiary Forest Factory, is growing robustly, and the resumption of activities by major artists affiliated with YG and HYBE from the second quarter is also a positive point."
YG PLUS is described as an entertainment infrastructure and IP business specialist.
