Seoul, South Korea - MakeStar, the Seoul-based global entertainment platform backed by Altos Ventures, has announced a record revenue of KRW 95.6 billion ($71.8 million) for 2023, representing 100% growth from the previous year.
This marks the fifth consecutive year that the company has doubled its revenue, solidifying its position as a significant player in the K-pop industry.
Since its launch in 2015, MakeStar has experienced rapid growth by reaching out to K-pop fans worldwide.
The platform now has users from 239 countries and generates revenue from 185 countries, including the US and Japan.
MakeStar's innovative approach to the entertainment industry, such as the introduction of crowd-funding and the Meet & Call concept, which combines in-person autograph signings with video calls, has driven the company's success.
The company has also promoted new album formats, such as the "PhotoCard(POCA) album," which has gained traction in the K-pop market.
MakeStar's first crowdfunding project, the PhotoCard(POCA) Album, has sold over 3 million copies to date, highlighting the platform's potential for further growth.
In 2023, MakeStar presented 2,249 projects with over 700 artists and 369 production companies, collaborating with major acts such as Blackpink, Red Velvet, and Stray Kids.
The company's exceptional scheduling capabilities span multiple genres, including the release of JS Ent's PhotoCard album and the globalization of trot genre music by Lim Youngwoong and Jung Dongwon.
Looking ahead, MakeStar has announced a global boy group audition and plans to debut a new K-pop group in the second half of 2024.
