CUBE Entertainment has officially revealed its financial performance for the third quarter of 2023. Interestingly, despite recent losses with its current artists, the company confirmed that their flagship artist (G)I-DLE effectively propelled the agency through the third quarter of 2023.
CUBE Confirms (G)I-DLE Boosting Company’s Financial Performance
On November 9, CUBE shared an official statement regarding its financial performance from July to September 2023. In the third quarter, the company reported robust financial performance, with separate basis sales revenue at 22 billion KRW (approximately 16.8 million USD) and an operating profit of 3 billion KRW (approximately 2.3 million USD). These figures represent substantial growth, with a 90% increase in sales revenue and a profitable operating margin compared to the previous year.
By the end of the third quarter, cumulative separate basis sales revenue had reached 65 billion KRW (approximately 49.5 million USD), surpassing the prior year’s annual revenue in just nine months. The company achieved a cumulative operating profit of 10.1 billion KRW (approximately 7.7 million USD), marking the first time it has exceeded the 10 billion KRW milestone since its inception.
Considering subsidiary firms, consolidated basis sales revenue for the third quarter reached 39.1 billion KRW (approximately 29.8 million USD), with an operating profit of 3.4 billion KRW (approximately 2.6 million USD). These figures signify a 50% increase in sales revenue and a remarkable 430% growth in operating profit compared to the previous year. The cumulative consolidated basis sales revenue for the third quarter surpassed 100 billion KRW, reaching 105.8 billion KRW, and the cumulative consolidated operating profit for this quarter was 9.98 billion KRW.
Cube Entertainment’s flagship artist, (G)I-DLE, played a pivotal role in these achievements. Their three consecutive chart-topping hits in 2023, “TOMBOY,” “Nxde,” and “Queencard,” significantly boosted key performance indicators across various domains, such as album sales, digital music, and advertising, culminating in record-breaking cumulative sales for the third quarter.
“(G)I-DLE’s three-fold success and their million-seller status have boosted the intellectual property (IP) value,” a CUBE representative said. “The expanding global fandom has led to a 170% increase in advertising revenue compared to the same period last year, which includes numerous advertising contracts, such as luxury brand ambassadors.”
CUBE Entertainment previously dealt with the departure of six members of PENTAGON. In addition to that, all members of BTOB chose not to renew their contracts with the agency.
