[外絮] DK去年虧損230萬鎂
話說原來DK原來後面是K-pop經紀公司
https://reurl.cc/2alnla
For K-pop sleuths, you're familiar with a Korean agency called ABYSS that manage
s artists like Sunmi and Melomance. But only the true insiders know that this sa
me agency also owns Dplus KIA.
對於K-pop的觀察者來說，你應該熟悉一家名為ABYSS的韓國經紀公司，旗下藝人包括宣美（
Sunmi）和Melomance，但只有真正的內行人才知道，這家公司同時也擁有Dplus KIA
https://i.imgur.com/VKTybk9.jpeg
We took a look at the agency's accounts, which unsurprisingly paint a picture of
costly esports.
我們查看了該公司的財務報表，結果不意外地呈現出電競業務成本高昂的情況
ABYSS, the star agency of Gangnam
ABYSS，江南區的明星經紀公司
Let's start with what's going well. Abyss Company is a talent agency based in Se
oul's upscale Gangnam district. Its activities span music, advertising, events,
management, and audiovisual productions built around its talents.
先從表現良好的部分說起，Abyss Company是一家位於首爾高級地段江南區的藝人經紀公司
，其業務涵蓋音樂、廣告、活動、藝人管理以及圍繞旗下藝人的影音製作
Abyss posted revenue of $23.9M in 2024 (+54% YoY). Profit reached $8M in 2024, u
p from $4.4M the previous year. Abyss is performing, and more broadly, the K-pop
entertainment agency model is paying off.
Abyss在2024年的營收達到2390萬美元（年增54%），利潤達800萬美元，高於前一年的440萬
美元，Abyss表現亮眼，整體而言K-pop經紀公司的商業模式確實帶來了回報
https://i.imgur.com/CgOAZox.jpeg
KPOP ABYSS FINANCIALThe weight is called ADE Sports
K-pop Abyss財務：壓力來自ADE Sports
Within Abyss's accounts, one subsidiary is wholly owned (100%): ADE.
在Abyss的財報中，有一家全資子公司（100%持股）：ADE。
A bit of digging links it to Damwon Gaming, now Dplus KIA. The subsidiary is con
solidated using the equity method, meaning its losses flow directly into Abyss's
bottom line, line by line.
進一步查證可發現，該公司與Damwon Gaming（現為Dplus KIA）有關，此子公司採用權益法
入帳，意味著其虧損會逐項直接反映在Abyss的最終損益中
Over two financial years, DK has cost its parent company more than $6.7M — an a
mount that at the time exceeded the agency's entire revenue and closely matches
the club's own 2023 revenue of roughly $6.8M. What Sunmi, Melomance, and the oth
er artists brought in wasn't enough to cover what the esports club swallowed on
the other side of the balance sheet.
在兩個財務年度內，DK讓母公司承擔了超過670萬美元的成本——這筆金額當時甚至超過了
公司整體營收，且與該戰隊2023年約680萬美元的收入相近
宣美、Melomance及其他藝人所創造的收入，仍不足以填補電競部門帶來的虧損
The reverse calculation is telling: without Dplus, Abyss is profitable. K-pop op
erating profit does exist, it's simply being absorbed by esports. Beyond the los
ses themselves, it's the support mechanism that raises eyebrows.
反向推算可以看出：若沒有Dplus，Abyss本身是獲利的，K-pop業務確實有營業利潤，只是
被電競業務吞噬了，除了虧損本身之外，其背後的資金支撐機制更令人關注
By the end of 2024, the tab reaches $8.0M, and in its accounts, Abyss acknowledg
es that roughly 70% of that sum will likely never be recovered.
截至2024年底，累積虧損達800萬美元，而Abyss在財報中也承認其中約70%很可能無法收回
AD Esports' 2025 revenue fell by more than 25% to ~$5.3M. Sponsorship held up, b
ut fan business and prize money collapsed due to sporting underperformance. Oper
ating losses doubled to ~$2.3M despite a 15% reduction in esports-related costs.
AD Esports在2025年的收入下滑超過25%，降至約530萬美元，雖然贊助收入維持穩定，但由
於戰績不佳，粉絲相關收入與獎金大幅下降，儘管電競相關成本降低了15%，營運虧損仍翻
倍至約230萬美元
https://i.imgur.com/Ki4EtfW.jpeg
FINANCIAL KEY INDICATOR DPLUS KIAThe K-pop × Esports connection
Dplus KIA財務關鍵指標：K-pop × 電競的連結
On paper, the idea made sense. Korea is the only country where K-pop and esports
are both first-tier cultural industries, with audiences that look alike: young,
connected, and fans of personalities.
從理論上看，這個構想是合理的，韓國是唯一一個同時將K-pop與電競視為一線文化產業的
國家，兩者的受眾也相似：年輕、網路連結緊密，並且熱衷於關注人物
Bringing idols and pro players under the same roof, cross-pollinating audiences,
mutualizing marketing, and leveraging commercial synergies — the pitch sounded
compelling. Compelling enough, at least, to push Abyss's valuation to $74M in D
ecember 2021 during a funding round, one year after Damwon's world title.
將偶像與職業選手納入同一體系、促進受眾交叉、共享行銷資源並發揮商業協同效應——這
樣的構想聽起來相當吸引人，至少在2021年12月的一輪融資中（Damwon奪得世界冠軍一年後
），這套說法成功將Abyss的估值推高至7400萬美元
Except in practice, the convergence never really happened. A K-pop agency lives
off music rights, endorsement deals, and ticketing — relatively stable revenues
once an artist is established. An esports club, on the other hand, depends on u
ncertain prize money, results-linked sponsors, and league revenues set by Riot G
ames, all while paying some of the highest player salaries in the world. The two
business models are more opposed than complementary.
但在實際運作中，這種融合並未真正發生。K-pop經紀公司依賴音樂版權、代言合作與票務
收入，一旦藝人站穩腳步，收益相對穩定
相對地，電競戰隊則仰賴不確定的比賽獎金、與成績掛鉤的贊助，以及由Riot Games制定的
聯盟收入，同時還需支付全球最高水準的選手薪資，兩者的商業模式與其說互補，不如說彼
此衝突
One thing we do know, however, is that a world-champion LCK club retains a brand
value that's hard to quantify but very real, and that its LCK slot remains a va
luable asset. Whether directly or indirectly tied to the esports arm's situation
, the agency's latest 2025 funding round valued Abyss at around $40M.
不過可以確定的是，一支曾奪得世界冠軍的LCK戰隊仍具備難以量化但確實存在的品牌價值
，其LCK席位本身也是重要資產，無論是否直接受到電競部門影響，在2025年最新一輪融資
中，Abyss的估值約為4000萬美元
--
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