PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Artist Company is restructuring away from ad-tech toward actor-IP-based content and brand businesses, and while full-year 2025 net profit turned positive, the most recent quarters have reverted to losses.
2025 consolidated revenue reached KRW 46.6 billion, more than double the prior year's KRW 21.3 billion, and net profit attributable to owners turned positive at KRW 1.3 billion.
However, the sum of owners' net profit over the most recent four quarters (2025Q3-2026Q2) remains in the red, meaning the full-year turnaround has not yet translated into a stable quarterly trend.
The company resolved at an extraordinary general meeting to divest its ad-tech platform business and concentrate resources on content production and actor-IP-based new businesses.
A four-drama lineup including Good Partner Season 2, a beauty brand based on Lee Jung-jae's IP targeted for Q4 launch, and a global brand MOU with TikTok form the core pillars of upcoming commercialization.
The debt ratio fell sharply from 559.6% in 2022 to 80.8% in 2025, and operating cash flow turned positive for the first time at KRW 6.2 billion in 2025.
Artist Company has operated across three pillars: actor management, content production and distribution, and an ad-tech (DSP/DMP) platform.
The management division represents multiple star actors including Lee Jung-jae, Jung Woo-sung, Ahn Sung-ki, Yeom Jung-ah, Park Hae-jin, and Im Ji-yeon, forming the core of the company's brand value and IP assets.
The content division draws on experience producing titles such as Netflix's 'The Silent Sea' and the film 'Hunt,' and handles drama and film planning, production, and domestic and international distribution.
The ad-tech division, offering real-time bidding ad services via DSP and data analytics via DMP, was the original core business of the former Wider Planet. The company recently passed a resolution at an extraordinary general meeting to transfer this ad-tech platform business.
Proceeds are planned to be invested intensively in new content releases and IP-based new businesses. The largest shareholder is actor Lee Jung-jae, who holds a 27.1% stake, with Jung Woo-sung also holding a meaningful stake, giving both actors direct involvement in management and strategy.
The company took its current form as a comprehensive content company in January 2025 when Artist United (formerly Wider Planet) absorbed the then-unlisted management firm Artist Company through merger.
It subsequently appointed a new CEO dedicated to IP commercialization to expand the business from management and content into brand and commerce.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩19.3B | -₩500M | −2.7% |
| 2025Q3 | ₩13.5B | ₩500M | 4.0% |
| 2025Q4 | ₩7.4B | -₩2B | −27.3% |
| 2026Q1 | ₩7.4B | -₩1.4B | −19.5% |
| 2026Q2 | ₩9.3B | -₩1.1B | −11.7% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩35.8B | -₩6.3B | -₩17.5B | −17.6% | −291.0% | 559.6% |
| 2023 | ₩21.3B | -₩3.3B | -₩5B | −15.4% | −17.7% | 114.8% |
| 2024 | ₩21.3B | -₩3.1B | -₩7.7B | −14.8% | −33.3% | 125.8% |
| 2025 | ₩46.7B | -₩4B | ₩1.3B | −8.5% | 3.3% | 80.8% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue in 2025 reached KRW 46.65 billion, more than double the KRW 21.27 billion recorded in 2024, largely reflecting the full incorporation of the management business following the January 2025 merger.
Operating loss widened in absolute terms to KRW 3.96 billion in 2025 from KRW 3.15 billion in 2024, yet the operating margin steadily improved to -8.5% from -14.8% in 2024, -15.4% in 2023, and -17.6% in 2022.
Net profit attributable to owners turned positive at KRW 1.30 billion in 2025, a sharp reversal from losses of KRW 7.73 billion in 2024, KRW 5.00 billion in 2023, and KRW 17.52 billion in 2022.
On a quarterly basis, owners' net profit in Q2 2025 surged to KRW 4.65 billion even as the operating loss for that quarter was only KRW 0.52 billion, suggesting the profit improvement was heavily influenced by non-operating items.
Q3 2025 saw a rare quarterly operating profit of KRW 0.54 billion, but net profit reverted to a loss of KRW 0.30 billion, and Q4 2025 losses widened to an operating loss of KRW 2.01 billion and a net loss of KRW 1.04 billion.
Operating losses continued into Q1 and Q2 2026 at KRW 1.44 billion and KRW 1.09 billion, with net losses of KRW 1.70 billion and KRW 0.71 billion respectively, leaving the trailing four-quarter (Q3 2025-Q2 2026) sum of owners' net profit at a loss of KRW 3.76 billion.
On the balance sheet, the debt ratio fell sharply from 559.6% in 2022 to 80.8% in 2025, and operating cash flow turned positive for the first time at KRW 6.16 billion in 2025 after persistent negative figures from 2022 through 2024.
According to FnGuide and WiseReport data, Q1 2026 also showed year-over-year revenue growth of 13.7% alongside narrower operating and net losses of 27.2% and 15.2%, respectively, pointing to some gradual improvement.
The domestic entertainment and content industry faces a dual environment: expanding OTT platforms and global distribution create larger overseas sales opportunities for drama and film IP, while rising production costs and growing platform bargaining power make profitability harder to secure.
In the management industry, expanding into brand and commerce businesses by leveraging talent's global recognition has drawn attention as a new revenue source, and Artist Company has joined this trend through its global brand MOU with TikTok.
The ad-tech sector faces a narrowing space for small and mid-sized domestic players amid tightening data privacy regulation and advertising spend concentrating on large platforms such as Google and Meta, a structural pressure likely related to the company's decision to divest that business.
In terms of competitive positioning, the management and production segment competes not only with major agencies like HYBE, SM, and JYP but also with comprehensive content firms under groups such as CJ ENM and SM C&C, making Artist Company relatively small as an actor-focused management firm.
Its affiliate Artist Studio (formerly Reamon Rain) is cited as a factor strengthening the company's production-distribution value chain. While the company lags larger studios in capital scale, its roster of top-tier actor IP is considered a relative strength.
The company is preparing a four-drama lineup for the second half of this year through next year, including Good Partner Season 2, Doctor Cha Season 2, Bounce, and Group Dance, with Good Partner Season 2's production contract with Studio N disclosing a contract period from April 2026 to November 15, 2026 and a staged payment schedule.
Actor-IP-based brand business is also taking shape, with a beauty brand built on Lee Jung-jae's IP targeted for launch in Q4 this year, aiming for entry into TikTok Shop in Japan and the United States.
To support this, the company signed a strategic MOU with TikTok to leverage content-creator collaboration and commerce infrastructure. New CEO Park Seung-hyun stated plans to sequentially pursue various IP-based new businesses starting with commerce brand launches and extending into the food and beverage sector.
Proceeds secured through the ad-tech platform business transfer are planned to be invested intensively in new content releases and IP-based new businesses.
The company has emphasized that this business restructuring is a voluntary realignment occurring without any change in controlling shareholder or management control, stating it will pursue responsible management and shareholder value enhancement in parallel.
The share price is currently positioned at a level roughly comparable to the company's book value per share, meaning it does not show a pronounced premium or discount relative to net assets at this time.
On a full-year 2025 basis, net profit attributable to owners swung from losses to a profit, but the trailing four quarters (Q3 2025 through Q2 2026) combined show a net loss again, meaning a consistent earnings trend has not yet been established.
This suggests that applying earnings-based valuation metrics warrants caution given the recent volatility in results. The company currently does not pay a dividend, limiting the relevance of dividend-based approaches.
As the business restructuring (ad-tech divestiture, expansion of IP commercialization) is still underway, future valuation assessment will likely need to track whether the new businesses begin contributing meaningfully to revenue.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The debt ratio fell sharply from 559.6% in 2022 to 80.8% in 2025, and operating cash flow turned positive for the first time at KRW 6.16 billion in 2025. Total equity also expanded significantly from KRW 7.4 billion in 2022 to KRW 39.6 billion in 2025, improving financial buffer capacity. This reflects the combined effect of capital infusion through the merger and business restructuring.
The company holds multiple star actors including Lee Jung-jae, Jung Woo-sung, Yeom Jung-ah, and Im Ji-yeon, with four dramas including Good Partner Season 2 scheduled for sequential production and release starting in the second half.
Concrete steps to convert IP into actual revenue are taking shape through the global brand collaboration with TikTok and the planned beauty brand launch based on Lee Jung-jae's IP.
The extraordinary general meeting approved the transfer of the ad-tech platform business, allowing the company to divest a low-margin business facing intense competitive pressure and concentrate resources on IP-based new businesses such as content, brand, and commerce. The appointment of a new CEO with expertise in IP commercialization supports execution of this strategy.
While full-year 2025 owners' net profit turned positive, the company posted net losses for three consecutive quarters from Q4 2025 through Q2 2026.
The trailing four-quarter (Q3 2025-Q2 2026) sum of owners' net profit also remains negative, indicating the annual turnaround has not translated into a stable quarterly earnings trend.
The beauty brand, F&B business, and TikTok commerce initiatives are all in early stages, with the actual scale and timing of revenue contribution still uncertain. Given the nature of the content business, results can fluctuate significantly by quarter depending on drama reception and schedule changes.
Largest shareholder Lee Jung-jae holds a relatively high 27.1% stake, and the company was previously investigated by financial authorities over front-running suspicions during the merger process.
More recently, media reports noted the stock being designated a trading caution issue due to concentrated trading in a small number of accounts. These histories remain sources of governance and trading-related uncertainty.
New businesses such as beauty, F&B, and commerce are all in planning or early stages, with uncertain timing and scale of revenue contribution. The TikTok collaboration is also at the MOU stage, requiring further confirmation before translating into concrete business results.
Revenue and profitability in the drama and film business vary significantly based on hit success, and filming or broadcast schedules could face delays. The final payment under the Good Partner Season 2 contract is also tied to airing and delivery schedules, meaning timing changes could affect cash flow.
Concentrated ownership by the largest shareholder, a past investigation into front-running suspicions, and a recent designation as a trading caution issue due to concentrated account trading are factors warranting attention from governance and trading perspectives.
Check whether the final 20% payment (due November 15) under the Good Partner Season 2 production contract is made and whether domestic/international airing and sales have begun.
Monitor whether the beauty brand based on Lee Jung-jae's IP actually launches and the progress of entry into TikTok Shop in Japan and the United States.
Q3 preliminary/confirmed earnings disclosures will show whether the recent quarterly loss trend improves and whether plans for using proceeds from the ad-tech business transfer become more concrete.
Continued monitoring is needed on whether production begins and contracts are disclosed for upcoming dramas such as Bounce and Group Dance.
Artist Company achieved a full-year net profit turnaround in 2025, supported by the complete incorporation of the management business and an improved financial structure, but net losses returned from Q4 2025 through Q2 2026, meaning earnings continuity has not yet been established.
The company is undergoing restructuring, divesting its lower-margin ad-tech business and shifting focus toward content, brand, and commerce businesses built on actor IP, with concrete execution steps continuing through the Good Partner Season 2 drama lineup, TikTok collaboration, and planned beauty brand launch.
On the financial side, the declining debt ratio and the shift to positive operating cash flow are notable positive signals, but the new businesses remain at an early stage with uncertain timing for revenue contribution.
Concentrated ownership by the largest shareholder and a history of past market scrutiny are factors to consider from a governance perspective.
Whether future quarterly losses narrow and whether new businesses begin contributing meaningful revenue will likely serve as key indicators for gauging the success of the company's business restructuring.
Report written 2026-09-05 · Data as of 2026-09-04
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