YG and SM Entertainment hits the highest quarterly gross income

SM and YG Entertainment revealed their gross income for the first quarter of 2016.

According to reports, YG Entertainment's income sets higher than the last year's profits. The total profits garnered for the first quarter of 2016 is worth 9.48 billion (around 8 million USD), this shows an increase of 32.6% since last year.

In the first quarter, gross income also figures mark an impressive 72.95 billion won (approximately $62.2 million) at an increase of 64.3% on last year's figures.

With both domestic and international distribution, the sales constitute its percentage showing its increase in prospects. Domestic sales constitute 40% of the figures, with sales in Japan contributing 36%, and China making up 20%.

SM Entertainment also records the highest since the foundation of the company. With a total gross sales of 90.5 billion won (~ 77.4 million USD) for the first quarter of 2016, this shows an impressive figure of profits earned by the company since its foundation. An increase of 139.8% rise from last year, a build up from last year's profits 9 billion won (7.7 million USD).

SM also revealed sales of 43.2 billion won ($36.9 million) in the consolidated global market, a growth of about 71% in the business sector that was built on the diversified portfolios of its artists, including music, commercials, and concerts. (Soompi)

SM and YG Entertainment are some of the most renewed agencies who deliberate good and rising artist and distribution music in Korean music industry. Despite series of back lash and problems, it seems like they are still rising to the top and continue to develop in a wider prospect.