K-pop fans are rejoicing as THIS girl group from a small company finally made profit - which means that the members will also be receiving their full paychecks!
STAYC Finally Makes Profit in 2022 for the First Time Since Debut
Three years after their debut in November 2020, it was reported that STAYC is finally free from their trainee/debut debts and is finally getting their full paychecks!
On May 31, HIGH UP Entertainment, STAYC's agency, drew attention after it unveiled its 2022 financial report. It immediately became a hot topic after K-pop fans, especially SWITH (fandom), saw that the agency finally saw a profit - for the first time since the group's debut!
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Looking at the report, HIGH UP recorded sales of about 7.7 million USD in addition to a 945,000 USD operating profit.
After computation, the company revealed that it made a net profit of about 667,000 USD!
Comparing this to the company's 2021 financial report amid the pandemic and limited offline promotion, HIGH UP had a sales deficit and recorded a net profit of -1M USD after adding various miscellaneous costs.
STAYC Finally Getting Fully Paid Less Than 3 Years After Debut + Fans Impressed
Following the news, SWITHs took to social media to congratulate the group for their huge achievement.
Fans are delighted that the team can finally enjoy more pocket money, now that the company is already making profits and that they are finally free from their training and debut debts.
Initially, some K-pop fans were saddened that the company only made a profit two years after, despite STAYC's popularity (thanks to their numerous hit tracks "ASAP," "RUN2U," "Poppy," "STEREOTYPE" and "Teddy Bear").
However, people explained that this is actually a HUGE and FAST achievement for STAYC and HIGH UP, considering that the team debuted in a small/mid-sized company.
People highlighted that compared to other girl groups from small labels, it took them even a decade to receive their paycheck as the label can't reach their break-even point.
However, STAYC did this in just two years, not to mention that their popularity is organic — without viral marketing or being backed by big companies – just pure popularity thanks to their music.
In 2021, HIGH UP's CEO Black Eyed Pilseung initially talked about STAYC getting paid in mid or late 2022 if each of their comebacks will generate 1.6 million USD to 2.5 million USD.
Once STAYC paid their training and debut costs with the supposed salary that they should be getting, it is the only time that they will be finally getting fully paid.
On the other hand, STAYC is reportedly making a comeback in August, and fans are focused if what kind of music they will bring to fans this summer.
READ MORE: STAYC Reportedly Preparing For Comeback — Here Are The Details
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