KEYEAST reports most profitable Q1 yet

Korea’s talent management agency KEYEAST -- of which Hallyu star Bae Yong-joon is a major stockholder -- has seen its most profitable first quarter to date.

According to a quarterly report submitted by KEYEAST on May 17, the agency recorded sales of 8.2 billion won during the January to March period, up 223 percent from the same period last year.

During the three months, the firm’s operating profits jumped almost eightfold, from 73 million won last year to 586 million won this year, the quarterly figure even surpassing total operating profits for the entire year of 2009.

The agency explained that the increases can be attributable to the success of many of its artists including actors Bae Yong-joon, Lee Na-young, Choi Gang-hee, Lee Bo-young and E Ji-ah.

“The merger with affiliate company BOF brought sales increase and a synergy effect,” an official at KEYEAST was quoted as saying. “The production, services and sales increase of the animation version of 'Winter Sonata' had a huge influence on the Q1 business results.”

The official further added that the company, as of present, is “actively pursuing various licensing and MD businesses overseas such as shooting the TV series ‘Dream High’ and producing a documentary.”

The company also raked in profits from various activities that its biggest star Bae Yong-joon carried out last year including “The Tokyo Dome Event,” his photo essay “Discovering The Beauty of Korea” and other additional contents such as DVD sales and 3D theater releases.

Thus, KEYEAST is expected to continue seeing its business increase with the so-called “one-source, multi-use contents business” in the years to come.

The agency recently extended its contracts with actresses Lee Na-young, Choi Gang-hee and E Ji-ah and looks set on recruiting more talents in the future.

Reporter : Lynn Kim lynn2878@
Editor : Jessica Kim jesskim@