엔터테인먼트 산업 재무 분석: 문제와 승리

김호중의 음주운전 사건은 씽크엔터테인먼트에 재정적 부담을 안겼고, 임영웅은 지난해 2000억이 넘는 수입을 올렸습니다.

### 김호중 음주운전 사건과 씽크엔터테인먼트의 재정 위기
* 🚗 김호중은 음주운전 사고를 내고 **현장에서 도주**를 시도한 혐의로 조사를 받고 있으며, 이로 인해 **심각한 비판과 여론의 반발**을 받고 있습니다.
* 📊 김호중이 소속된 소속사 씽크엔터테인먼트는 경영을 잘하며 기업 가치를 높여왔지만, **과도한 선급금 채무**로 인해 재정적 위기에 직면했습니다.
* 💸 손익 계산서에 표시된 재무 안정성에도 불구하고 총 부채 대비 **선급금**의 비중이 높다는 점은 중요한 위험 요소입니다.
* 📉 또한 트로트 팬덤 관리 플랫폼에 약 **69억 8천만 원을 투자해 지분 20%**를 인수했지만, 현재 현실적으로 **파산**의 위험에 직면해 있습니다.
* 🏢 회사는 모든 직원이 사직할 것이라고 발표했으며, **사업을 계속할지 아니면 문을 닫을지**를 검토하고 있습니다.
* 🎤 한편, 상암월드컵경기장에서 약 10만 명의 팬들 앞에서 공연을 펼친 임영웅은 **본인 회사의 **대주주**로, 2023년 약 **202억 원**의 수입을 올렸습니다.
* 🎵 임영웅의 회사인 피쉬뮤직은 **높은 수익률**을 기록하며 꾸준히 매출이 증가하고 있으며, 미디어 콘텐츠 수익도 **급격히 증가**하고 있습니다.
* 💰 임영웅이 회사에 지급한 용역비는 다소 모호하지만, 하루 평균 **6천만 원**의 수입을 올린 것으로 추정됩니다.

Hello, this is the time for Issue Check, where we explain the weekly issues in an easy, fun, and sharp way. I'm reporter Kim Joo-young. Today, we will analyze the economy smoothly with Director Kim Su-won from MTN Corporate Economic Center. Hello. Yes, hello. Singer Kim Ho-jung is currently under investigation for drunk driving. As the entertainment industry generates all profits through artists, there is a lot of focus on how the company is doing. Let's take a look at the financial statements. Also, these days, singer Yeongwoong's annual income last year exceeded 20 billion Korean won. We will also examine how he earned that income. Trot singer Kim Ho-jung is facing severe criticism. He is being seen as a public enemy of the nation for his actions. One of the reasons for the criticism is that the incident itself is so severe.

The agency tried to cover up the incident systematically, and the main person involved, Mr. Kim Ho-jung, actively participated in it. It's a historic incident. Secondly, despite the ongoing systematic cover-up, they proceeded with the performance. So, when people see it, they might think, Why did they do that? Did they go crazy for money? In a vulgar way, it seems like they went crazy for money. Therefore, they faced even harsher criticism. Why did they insist on the performance so forcefully even when the systematic cover-up was revealed? I will analyze the financial statements of the company through a systematic analysis, which has also been partially covered in the news.

I will do that. Like you see on the screen, this is an article that came out today, the 29th, while we are recording today. Kim Ho-jung caused an accident by crashing into a taxi while driving under the influence of alcohol, then attempted to flee. At that time, he called his manager and requested to surrender on his behalf. The police have secured a recorded conversation. Such articles keep coming out. Let's see if it's automatically recorded. When you look at this, typically, for example, sometimes managers may say, I'll take the blame for the singer to protect them, but it's rare for the person who caused the accident to demand the manager to take the blame. It's truly disappointing, very disappointing. This incident is recorded on the manager's smartphone. It seems like there was an automatic recording feature on the smartphone, so they kept trying to lie.

There is a situation where attempts to conceal organization continue to be reported every day. Let's take a look at the company Kim Ho-jung belongs to, called Think Entertainment. I will check the current ownership percentage of Think Entertainment. As of the end of 2023, the ownership percentage is divided as follows: Lee Kwang-deuk, Choi Jae-ho, and Jung Chan-woo each hold 33.3%. Oh, Jung Chan-woo is a famous comedian on Cultwo Show, right? Yes, that's correct. So, these three individuals each had a 33.3% stake. The company was established in early 2018 with a capital of 100 million won. Since they split 20,000 shares, dividing 100 million won by 20,000 shares equals 5,000 won per share, and each of the three individuals had 50,000 shares. But as of the end of last year...

There has been some changes in the ownership percentage. Here, if you look, Kakao Enter has emerged as a new shareholder with 10%. Next, SBS Media Net has about 3.6%. On the other hand, the ownership percentages of the three people in the front have decreased. Lee Kwang-deok, who is now the company's representative, decreased by 5%, Choi Jae-ho decreased by 3.6%, and Jung Chan-woo decreased by 5%. However, if you look closely, when you add up the 5% decrease in ownership of Lee Kwang-deok and Jung Chan-woo, it totals 10%. This was acquired by Kakao. They bought 10% from the two individuals, 5% from each. Then, Chairman Choi sold 3.6% to SBS Media Net. Upon my calculation, Lee Kwang-deok and Jung Chan-woo sold at 3.75 million won per share. It seems the value has expanded to 37.5 million won from the initial 5,000 won per share they received when establishing the company and later selling it at 375 million won per share.

I sold two dogs and then sold them for 3.75 billion won after stopping. Then, Director Choi Jae-ho calculated the value of the entertainment company at 100 million won, and received 3.6% of that, which is 36 billion won, and sold it to SBS Media Net. So now, people have already made tens of billions of won in profit through partial sales of shares in the middle. If you refer to this, how can you know? If you look at Kakao Entertainment's 2022 audit report, you can see that below, there is Think Entertainment. Think Entertainment owns 10% of the shares, and if you look here, it says 75. So, Think Entertainment bought 10% at 75, and Lee Kwang-jung and two others each sold 5% of their shares, so they sold each at 375,000 won per share.

We can now see that the company, established in 2018 and sold for 3.75 million won per share in 2022, was managing the company well and was in the process of increasing its corporate value. What we can see is that on May 14th of this year, an almost catastrophic incident occurred. In fact, this was a man-made disaster. Kim Ho-jung caused a drunk driving accident on May 14th, then immediately fled to a motel in Guri. He then contacted President Lee Kwang-deok, caused the accident, demanded settlement from the manager, and the head of the agency also hid the black box memory card of Kim Ho-jung's car. According to Dong-a Ilbo, the police confirmed that they swallowed the memory card.

It came out, whether it's true or not, I don't know, but if it's true, it's something miraculous that could happen in a movie. It's like something that could happen in a movie. For example, it's a miraculous event. I'm not sure about the details, but that's how it's reported. Also, a very famous and remarkable statement made by Kim Ho-jung. What is it? He said, I put the drink to my lips, but it didn't taste good. He said he put it to his lips but didn't drink it. Yes, he put it to his lips but didn't drink it. This is similar to the statement made by Kim Sang-hyuk in the past, who said he drank the alcohol but didn't drive under the influence. It's an unprecedented statement. So, he put the drink to his lips, but he said he didn't drink it. However, through the tracking reports of our numerous media outlets and the investigations of netizens, when I tracked it, he seemed very drunk, staggering at the bar.

When I came out, things like driving under the influence were objectively revealed. There were statements from bar employees, and it's regrettable that there were CCTV witnesses, but that part didn't come to light. However, despite this situation, they proceeded with the Changwon performance on May 18th and May 19th. Criticisms poured in. They even announced that they would go ahead with the Seoul performances on May 23rd and 24th. But while the May 23rd Seoul performance took place, they couldn't perform on the 24th because an arrest warrant was issued on that day. So, on the 24th, they went to the detention center, had the warrant reviewed, and ended up being detained, causing the cancellation of the performance scheduled for June. If they hadn't been arrested, they would have continued with the performances. They are pointing fingers.

Even if we keep receiving it, it seems like a really impressive mentality, right? So when we think about it, why did they come out and apologize and reflect on themselves at that level, saying, I won't participate in the performance? They should sincerely reflect on it. However, despite that, they keep saying, I will still perform. I was very curious about the reason behind the announcement of the forced performance. I think we can get some hints from the company's financial statements. Looking at the profit and loss statement of this entertainment company, in 23, they had sales of about 187 billion and an operating profit of about 33 billion. It seems like a company that consistently generates a considerable level of operating profit each year, and structurally, the company seems to have been managed at a very stable level. However, looking at the balance sheet, there is one thing that catches the eye, which is prepayments among the debts in 23.

The total debt is 17.3 billion, and the advance payment is 12.5 billion. When I look at this, I can immediately see that the size of the advance payment debt is quite large compared to the total debt. Advance payments are received by companies like Geum before they do construction or sell products. Yes, that's right. What we call debt in accounting is an obligation. So, when we promise to supply a product or service and receive money in advance, that money becomes an advance payment. Then, when we promise to provide a service and receive money in advance, or when we promise to deliver a product and receive money in advance, I incur an obligation to deliver the product. Therefore, that money becomes a debt. It is recorded as a debt immediately, but later it should be converted into revenue.

I promised to provide a service and received money in advance, so that money is also considered as an obligation to provide the service. Therefore, it now becomes a debt. Here, the advance payment becomes a debt. When the obligation is fulfilled, the debt must be eliminated. For example, if I promised to deliver something, like if MTN goes to our Money Today broadcast and orders kimbap, giving 1 million won for the kimbap, then on Saturday, please bring the kimbap to a certain mountain location. So, the kimbap seller recognizes the 1 million won as an advance payment debt because they have to fulfill the obligation to deliver the kimbap. On Saturday, when we talk about the kimbap at the mountain location, our mouths start watering. It's time to eat, so they will bring the kimbap now.

When we fulfill our obligations, our debts disappear. Then, we need to recognize the transition to revenue of 1 million won as revenue. Therefore, advance payments are generally considered good debts because revenue recognition is planned. If I fulfill my obligations, revenue recognition is planned, so if we have a lot of advance payments as debts, we view it positively. Ah, there are debts with planned revenue recognition, so our revenue will increase in the future. But the problem is when something goes wrong, when variables arise, and we can't fulfill our obligations, it becomes very awkward. Then we have to disclose things like advance payments because we couldn't fulfill our obligations. However, in the case of entertainment companies like this, if we can't fulfill our obligations, other companies will be the same, but simply that.

It may not be just at the level of spitting out money, but it may require a significant penalty, yes, a significant risk. For example, in 2022, the proportion of advances to total debt in Think Entertainment is 50%. Then, in 2023, the proportion of advances to total debt is 72%. So, it seems like a lot for us. Then, how about other entertainments? If you look at Antenna, they are specialized in music entertainment planning agencies. Here, Think Entertainment and Antenna may have somewhat similar sizes. In 2022, the proportion of advances to total debt is 19.7%, and in 2023, it's only 2%. Think Entertainment overwhelmingly has a large proportion of advances. As I mentioned earlier, here it's 70%. Next, if we look at the labels under our Hive group, Pledis Entertainment has a debt of 72.4 billion won.

The advance payment is about 109 billion won. In the case of Source Music, out of the total debt of 237 billion won, the advance payment is only about 18 billion won. Next, in the case of Mini Jin, out of the total debt of 218 billion won, the advance payment is only about 48 billion won. So, the advance payment ratio is abnormally high. Usually, in industries like entertainment, what can advance payments be used for? Typically, in a common sense perspective, it could be for things like concerts, performances, or receiving money in advance for albums. For example, now the album distribution company would supply the albums in advance, and there would be money received in advance for advertisements. Then, from the advertisements, they would receive a down payment, and because the artist has the obligation to do the advertisement, the down payment becomes part of the advance payment debt.

Well, you see, the thing is, the company officials here are all missing, and we can't reach them, so we couldn't investigate the specific details of the advance payment. Therefore, it's difficult to say exactly. For example, when a concert is scheduled, tickets are sold in advance. Then, if the entertainment agency receives the ticket sales revenue in advance, the artist is obligated to fulfill the performance. This also becomes part of the advance payment debt. So, after the performance is done, it converts into revenue. So, now, with those advance payment debts imposed, if the performance is not carried out, a significant penalty for breach of contract for the advance payment received must be paid, several times the advance payment, in a situation where they have to fulfill it.

Despite receiving criticism and insults, we had no choice but to perform. Now, we can think about it. But here, looking at the cash flow statement, there is something noticeable. It says marketable securities acquisition. What does marketable securities acquisition mean? In simple terms, marketable securities are like buying stocks of other companies or investing in certain bonds. It seems that we have acquired around 6 billion 980 million won worth of marketable securities, buying shares of other companies or something similar. So, from what I found in the data, we spent 6 billion won to acquire a 20% stake in the company Studio MNC. However, what kind of company is Studio MNC? Upon investigation, it turns out that Studio MNC operates a platform called Star Planet. Star Planet is a platform that hosts pop

It is a global platform for trot fandom. So, when you see the artists of Enterg, you see a lot of trot singers. Many trot singers have won awards at Mistrot. Kim Ho-joong is now the most promising star. There are many other trot singers as well. This trot-specialized fandom management platform spent about 600 million won on acquiring shares. So, until the Kim Ho-joong incident broke out, they were making profits quite stably. They were investing in trot platforms aggressively and expanding their market share. However, one slightly incomprehensible part is that the advance payments were excessive. I wonder if there was a lot of money to be paid. Nevertheless, the company is not financially bad in that sense.

It could be considered a solid company. However, now it is said to be facing the risk of bankruptcy. In the current situation, realistically, it seems very difficult for the company to continue its business. The CEO has been arrested, the head of the headquarters is also under arrest, and the main artist has been arrested as well. When I tried to access the website, it was not available. The company has released a statement saying that all employees will resign, and they have decided to change the CEO. They are currently reviewing whether to continue the management business or close it down. It seems like they are discussing these matters. Now, it is said that the affiliated entertainers are planning to terminate all exclusive contracts. This official statement has been announced. Among the affiliated entertainers, Son Ho-jun is also mentioned.

There is, and yes, Kim Kwang-kyo is there, and so, when I saw it, it was ridiculous. What happened is, even the insider lure has become ridiculous. If they shut down the business now and go all the way to liquidation, it means they won't care anymore. They will collect all the company's funds that can be collected, pay off the debts, and even if there is money left, it will be divided among the shareholders. How much will be left and how the shareholders will divide it, that's something to see at that time. Yes, whether they can recover a 10% stake will have to be seen at that time. Right? Kakao Entertainment may not be able to touch anything or may be able to touch some. It seems like that. Next, secondly, Im Young-woong, who is rising as a trendsetter in the music industry, how much did he earn in 2023? The part where his image is good, Truck Nae, has also been partially reported, but it's still 25 days.

On the 26th, for two days, Lim Young Woong performed in front of about 100,000 fans at Sangam World Cup Stadium. Lim Young Woong has a really good image. He is very exemplary, clean, kind, and good-hearted. I'm not sure about the reality because I haven't experienced it firsthand, but his outward image is that of a very good singer. Even people who know Lim Young Woong well give him very good reviews. They say he is a singer with a clean life. Lim Young Woong is the only artist under his agency, Fish Music. Looking at the shareholders here, Shin Jung-hoon and two others own 50%, Lim Young Woong owns the other 50%.

So, Im Young Woong is practically the major shareholder of his own company. Currently, the company is structured that way. When you look at the company, it continues to increase its sales to around 306 billion won. The sales are quite diverse. Looking at the composition of sales, it includes revenue from performances, original albums, followed by media content, YouTube, Im Young Woong's YouTube channel, then advertisements, rent, and other sources of income. When it comes to other sources of income, from what I can see, it seems to be income from Im Young Woong's online store and goods. Now, looking at the operating expenses, this is important. Within the operating expenses, there are outsourcing costs. What could be included in outsourcing costs? For example, in 2023, in the case of 246 billion won in operating expenses, 192 billion won went to outsourcing costs. However, when you look further, the breakdown of these outsourcing costs is revealed. The operating profit is around 113 billion won, which is a high profit margin considering the sales of 360 billion won.

I can see it as a company. However, the decrease in concert frequency and a slight decrease in music album imports have led to a sharp increase in media content revenue. If you look here, the media content revenue, which was around 800 million in 2020, has now risen to 5 billion. Oh, media content like YouTube. Yes, Im Young Woong has 1.62 million subscribers on YouTube. Ah, we should invite him to our show once. Yes, our company needs to invite Im Young Woong who has 1.62 million subscribers. Im Young Woong's official channel currently has 310,000 subscribers. Then, there is this. If you go into the fan cafe, there is a shopping mall. Im Young Woong's shopping mall. It seems that the sales are reaching tens of billions even in the shopping mall. We can sell cheering sticks and medical supplies. There are various accessories as well. If you look at the financial statements, you can see in the footnotes.

There is something called a major transaction with related parties. So, who are these related parties? Well, they are artists and shareholders. Yeong-woong is a shareholder and an artist. If we look at what transactions Yeong-ha Company, owned by Yeong-woong, has made, you can see that in the short term, in 2023, the service fees paid by Yeong-ha were 19.2 billion. Then, next to it, you can see that there is about 3.1 billion in unpaid money. So, when you add the service fees paid by Yeong-woong, which is 19.2 billion, and the money that has not been paid yet, which is 3.1 billion, the total raises some questions about Yeong-woong's income for 2023. Because, from what I see, within the 19.2 billion service fees, it seems like all the money given and the money to be given should be included, totaling 19.2 billion. So, if we separate the money to be given, there is about 3.1 billion left. This indicates that there is some ambiguity.

Lim Young Woong performs and provides singing services to the company, receiving approximately 19.2 billion won in return. Additionally, in the financial statements' notes, it is stated that the company distributed 2 billion won in dividends in 2023. So, if we assume Lim Young Woong owns 50% of the shares, he would have received 10 billion won from the dividends. Therefore, considering 19.2 billion won from singing services and 10 billion won from dividends, Lim Young Woong received a total of 20.2 billion won last year. Based on a monthly calculation, it averages around 1.8 billion won per month. Dividing 1.8 billion won by 30 days, it amounts to 60 million won per day. It's quite a substantial amount; earning 60 million won a day. Some people put in a lot of effort to earn an annual salary of 60 million won, making Lim Young Woong a truly remarkable singer. Despite some articles suggesting that Lim Young Woong may not earn as much as expected, earning 60 million won a day is quite impressive.

Vedani, so I got a little angry after reading that article. It's an amazing singer, right? Yes, today was a special feature on trot singers. Um, Kim Ho-jung, who is under investigation for drunk driving, many people are disappointed in him. There was a lot of interest in what would happen to the company as well. Through the financial statements, it was possible to see why they proceeded with the performance so forcefully. Also, it was interesting to look at how Lee Myung-woong earned over 200 billion last year through the financial statements. Thank you for your comments today. Thank you.

김호중 소속사 감사보고서 분석 / 김수헌의 이슈체크

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경제야놀자

씽크 엔터테인먼트의 금융 스캔들과 소유권 변경

가수 김호중이 음주운전 혐의로 조사를 받고 있는 가운데, 소속사 씽크엔터테인먼트의 재정 스캔들이 불거졌습니다.

회사는 사건을 조직적으로 은폐했다는 비판에 직면해 대중의 거센 반발을 불러일으키고 있습니다.

새로운 주주가 등장하고 기존 주주가 지분을 줄이는 등 회사의 소유권이 바뀌면서 회사의 주식 가치가 크게 상승했습니다.

엔터테인먼트 회사의 복잡한 비즈니스 거래 및 스캔들 사건

여러 차례에 걸친 수익성 높은 주식 매각으로 관련자들은 상당한 이익을 얻었습니다.

5월에는 주요 인사가 음주운전 사건에 연루되고 이를 은폐하려는 시도가 이어지면서 회사가 큰 위기에 직면했습니다.

대중의 비판과 법적 문제에도 불구하고 처음에는 공연을 강행했지만 결국 체포 영장이 발부되어 공연을 취소해야 했습니다.

이 회사의 재무제표에는 일관되고 상당한 영업이익이 나타나지만, 대차 대조표에는 2023년 부채 중 주목할 만한 선지급금이 있습니다.

회계에서 부채로서의 선급금의 중요성

선급금 부채의 규모가 전체 부채에 비해 상당히 크면 제품이나 서비스를 제공해야 할 의무가 상당히 크다는 것을 나타냅니다.

선급금은 장래에 제품이나 서비스를 제공하겠다는 약속을 이행해야 하는 의무를 나타내며 수익으로 전환될 의도가 있으므로 회계상 부채로 간주됩니다.

씽크 엔터테인먼트는 안테나 및 플레디스 엔터테인먼트에 비해 총 부채 대비 선수금 비율이 훨씬 높아 수익 인식에 잠재적으로 더 높은 위험과 영향을 미칠 수 있음을 나타냅니다.

Studio MNC에 대한 높은 선불금 및 투자금

소스뮤직과 미니진의 선급금 비율은 총 부채에 비해 비정상적으로 높습니다.

엔터테인먼트 업계에서 선급금은 일반적으로 콘서트, 공연, 앨범 제작, 광고 등에 사용됩니다.

또한 두 회사는 트로트 가수 매니지먼트로 유명한 트로트 전문 플랫폼 스타플래닛을 운영하는 스튜디오엠앤씨 지분을 인수해 시장성 있는 유가증권에 투자하고 공격적으로 시장 점유율을 확대하는 등 상당한 투자를 단행했습니다.

피쉬뮤직의 위기와 구조조정: 심층 분석

가수 임영웅이 대표로 있는 피쉬뮤직이 대표이사를 비롯한 주요 인물들이 구속되고 회사 홈페이지가 오프라인 상태가 되는 등 큰 위기를 맞고 있습니다.

현재 회사는 구조조정 또는 폐업 여부를 결정 중이며, 소속 연예인들은 계약 해지를 계획하고 있습니다.

피쉬뮤직은 높은 매출에도 불구하고 상당한 아웃소싱 비용이 발생하고 있어 재무 관리에 대한 우려가 제기되고 있으며, 높은 영업이익으로 이어지고 있습니다.

유튜버 임영웅의 인기에 힘입어 미디어 콘텐츠 수익이 대폭 증가해 50억에 달했습니다.

임영웅의 소속사인 영하는 2023년 가수 활동으로 192억을 지급했고, 배당금도 20억을 받아 한 해 총 수입이 202억에 달해 가수로서 큰 성공을 거둔 것으로 나타났습니다.