Yeon-i Information & Communication "iMe to Double Concerts This Year Compared to Last Year"

[Asia Economy Reporter Hyunseok Yoo] iMe, a subsidiary of Yeoni Information & Communication, announced plans to achieve significant growth this year by more than doubling the number of concerts compared to the previous year.

Brian Chow, founder and CEO of the iMe Group, stated at a press conference held on the 14th in Yeouido, Seoul, "iMe has been operating its business with the goal of providing the best and most unforgettable concert experiences for audiences and artists alike," adding, "This year, we plan to host over 200 concerts, achieving more than double the growth compared to last year."

CEO Brian was appointed chairman of the board of Yeoni Information & Communication in December last year. Yeoni Information & Communication acquired a 51% stake in iMe International, the holding company of iMe, through its subsidiary. Yeoni Information & Communication is a company that manufactures printed circuit board assemblies (PBA) for displays.

iMe was established in 2006. Since its founding, it has set up branches in over 10 countries and possesses expertise in planning and operating more than 500 concerts across 50 countries in the Asia-Pacific region. Notably, it has collaborated with domestic artists such as Big Bang, CNBLUE, GD (G-Dragon), Taeyang, VIXX, as well as international celebrities including Andy Lau, Britney Spears, and Ariana Grande.

This year, iMe plans to expand its performance business to increase sales. The company aims to grow its revenue from $50 million last year to $100 million this year, and increase net profit from $6.5 million to $16 million. The company emphasized, "We plan to host a total of 200 performances this year," adding, "We are targeting a 173.97% increase in the number of performances, 100% growth in revenue, and 146.15% growth in net profit compared to the previous year."

To achieve this, iMe plans to expand its musical content, including productions such as 'The Lion King' and 'The Phantom of the Opera.' Through this, they intend to hold over 120 musical performances across three cities, attracting 300,000 attendees and generating $30 million in sales. Additionally, domestically, they will expand their entertainer management business and establish a star academy. A company representative stated, "We plan to develop the best team in Korea to nurture stars and leverage Korea's entertainment industry experience and know-how to expand throughout Asia, including China, Singapore, and Malaysia," adding, "Furthermore, we plan to open four academies next year and more than five academies in 2023."

Lastly, iMe Entertainment expects that the activation of its online platform, built through the expansion of performances, will increase revenue from related product sales. A company representative said, "iMe established an online platform in 2018 through intellectual property (IP) development, which connects concert tickets and related merchandise sales," emphasizing, "Considering the planning of 200 live concerts this year, ticket and related product sales revenue is expected to increase." They added, "We will develop various services based on the accumulated audience database (DB) to attract advertising and create another revenue model."

Alongside this, Yeoni Information & Communication itself is expected to maintain steady performance this year. As of the third quarter of last year, Yeoni Information & Communication recorded cumulative sales of 239.1 billion KRW and an operating profit of 11.4 billion KRW.

This content was produced with the assistance of AI translation services.