G.H.Y anticipates earnings ‘deterioration’ in concert production business

This is due to challenging market and labour conditions. 

G.H.Y Culture & Media (Singapore) Pte. Ltd. said that the company’s concert production business segment would face a deterioration in their earning prospects due to challenging labour conditions and existing market conditions, according to a bourse filing. 

The group also said that employees of the concert production team in Singapore, who are responsible for overseeing the overall concert organisation business segment, have left to pursue other personal opportunities.

Meanwhile, the concert production team of the group based in China will continue to oversee the concert management business and focus on the management of the production of concerts. 

Moreover, the group announced they had entered into an investment agreement for the grant by Him International Music Pte. Ltd. of the concert production rights for the production of Power Station’s "Because of Love" World Tour concert, which was held in Singapore in May 2024.

G.H.Y’s indirect associated company, Tianjin Xinyuan Culture & Broadcast Co., Ltd., had also entered into the cooperation agreement for the grant by Xinchengsi International Music Production Co., Ltd. of the concert production rights of Angela Zhang’s World Tour 2024 concert in Changshu, China, on 13 October.

On 6 August, the group completed six concert productions in Singapore, Australia, and Japan in the first half of the year, which contributed $19.7m in revenue.