A recently revealed financial report from HYBE sparked a heated discussion online after showing an unexpected result: despite Source Music generating significantly higher revenue through active promotions, tours, and album releases than LE SSERAFIM, ADOR reportedly recorded a higher net profit, even as NewJeans remained largely inactive.
According to data circulating online, Source Music’s overall revenue was approximately 2.5 times higher than ADOR’s due to LE SSERAFIM’s steady return schedule and global activities. However, when it comes to trailing net profits, ADOR would come out on top, posting a profit of over KRW 1.52 billion.
Industry watchers and netizens pointed out several key reasons behind the surprising result.
First, NewJeans’ previously released mega-hits, including “Ditto,” “Hype Boy,” “OMG,” and “Super Shy,” continue to generate huge and highly stable streaming numbers on platforms like Spotify and Melon. These long-lasting music royalties reportedly provide ADOR with a strong source of recurring income without requiring new investments in production.
Secondly, ADOR’s debt burden is said to be significantly lower, estimated at only around a quarter of Source Music’s liabilities. Without the heavy expenses involved in album production, comeback promotions, travel, choreography, stage design, and large-scale performances, ADOR could have maximized its profit margin more efficiently.
Third, revenue from luxury brand ambassador deals and individual advertising contracts involving NewJeans members is believed to play an important role. These sponsorship deals are often very profitable for management agencies, allowing ADOR to maintain strong cash flow despite the group’s reduced activities.
The financial comparison has fueled intense debate among fans and online communities, with some seeing the figures as evidence of NewJeans’ enduring business power, while others argue that active promotions and long-term business investments should also be taken into account when evaluating an agency’s performance.
Sources: Instiz
