With Fewer Ads, Lim Young-woong Still Hits 6.7 Billion Won YouTube Windfall... Earned 14.5 Billion Won Plus α

[The Financial News] Singer Lim Young-woong is estimated to have received settlement payments of more than 14.5 billion won from his agency last year.
According to The Chosun Ilbo and other outlets on the 14th, an audit report for Mulgogi Music disclosed the previous day through the Data Analysis, Retrieval and Transfer System (DART) shows that service fees paid to its contracted artist last year totaled 14,564,280,000 won. As Mulgogi Music effectively operates as a one-artist agency, Lim is believed to have received virtually the entire amount, along with an additional 1 billion won in dividends based on his 50% ownership stake.
Mulgogi Music carried out an interim dividend of 2 billion won last year. As the largest shareholder with a 50% stake, Lim received 1 billion won of that as dividends. Combining these dividends with the service fees in the nature of settlement payments, his total income for last year is estimated at 15,564,280,000 won.
In August last year, Lim released his second full-length album, "IM HERO 2," and embarked on a nationwide tour. He has also been active as a commercial model for brands including Hana Financial Group Inc. Thanks to his busy schedule, Mulgogi Music’s operating revenue (sales) reached 32,016,620,000 won last year, up about 10% from 28,921,000,000 won a year earlier.
Within total sales, revenue from music, albums, and concerts came to 19,556,090,000 won, down 12.9% year-on-year but still accounting for the largest share. Advertising revenue was 2,133,330,000 won, a decline from 3,345,510,000 won the previous year. However, income from media content such as YouTube surged to 6,743,160,000 won, more than 14 times the 470,000,000 won recorded a year earlier, and helped drive overall performance.
Mulgogi Music’s operating profit climbed into the 10 billion won range, increasing by around 20% from the previous year.
Operating profit was tallied at 10,625,810,000 won, while net profit for the year came to 9,346,580,000 won.
newssu@fnnews.com Kim Soo-yeon Reporter