Cube Entertainment enjoyed record profits in its third quarter thanks to the success of (G)I-DLE‘s “Tomboy.”
According to a press release from Cube Entertainment, the record label saw revenues rise to ₩79.6 billion KRW (about $59.0 million USD) and recorded operating profits of ₩4.20 billion KRW (about $3.11 million USD). The numbers reflect a 50% and 23% rise year-over-year, respectively.
Also worth noting is that the company’s revenue rose 10% from all of last year’s. In other words, Cube Entertainment’s third quarter alone brought in more revenue than all of last year.
According to an insider, the rise in revenue is mainly attributed to the success of (G)I-DLE’s album I NEVER DIE, which was released in March, and led to lucrative endorsement deals.
The success of (G)I-DLE’s I NEVER DIE carried over to the third quarter, boosting album sales by 30%. This led to lucrative endorsement deals with beauty brands, games, food, fashion, travel, and financial sectors, which boosted advertisement revenues by 142% from the previous quarter and 132% from last year.
(G)I-DLE broke out earlier this year with the release of I NEVER DIE. The album’s lead single, “Tomboy,” won 8 music shows and achieved the elusive “Perfect All-Kill” on music charts. The group came back last month with “Nxde,” which has also been well-received by fans and critics.
According to an SBS report, Cube Entertainment will be launching a new boy group next year and is expected to continue achieving success.
Can’t get enough of (G)I-DLE? Check out the group’s latest single, “Nxde,” in the link below.