话说原来DK原来后面是K-pop经纪公司
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.
对于K-pop的观察者来说，你应该熟悉一家名为ABYSS的韩国经纪公司，旗下艺人包括宣美（
Sunmi）和Melomance，但只有真正的内行人才知道，这家公司同时也拥有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.
我们查看了该公司的财务报表，结果不意外地呈现出电竞业务成本高昂的情况
ABYSS, the star agency of Gangnam
ABYSS，江南区的明星经纪公司
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.
先从表现良好的部分说起，Abyss Company是一家位于首尔高级地段江南区的艺人经纪公司
，其业务涵盖音乐、广告、活动、艺人管理以及围绕旗下艺人的影音制作
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年的营收达到2390万美元（年增54%），利润达800万美元，高于前一年的440万
美元，Abyss表现亮眼，整体而言K-pop经纪公司的商业模式确实带来了回报
https://i.imgur.com/CgOAZox.jpeg
KPOP ABYSS FINANCIALThe weight is called ADE Sports
K-pop Abyss财务：压力来自ADE Sports
Within Abyss's accounts, one subsidiary is wholly owned (100%): ADE.
在Abyss的财报中，有一家全资子公司（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.
进一步查证可发现，该公司与Damwon Gaming（现为Dplus KIA）有关，此子公司采用权益法
入帐，意味着其亏损会逐项直接反映在Abyss的最终损益中
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.
在两个财务年度内，DK让母公司承担了超过670万美元的成本——这笔金额当时甚至超过了
公司整体营收，且与该战队2023年约680万美元的收入相近
宣美、Melomance及其他艺人所创造的收入，仍不足以填补电竞部门带来的亏损
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：若没有Dplus，Abyss本身是获利的，K-pop业务确实有营业利润，只是
被电竞业务吞噬了，除了亏损本身之外，其背后的资金支撑机制更令人关注
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，累积亏损达800万美元，而Abyss在财报中也承认其中约70%很可能无法收回
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年的收入下滑超过25%，降至约530万美元，虽然赞助收入维持稳定，但由
于战绩不佳，粉丝相关收入与奖金大幅下降，尽管电竞相关成本降低了15%，营运亏损仍翻
倍至约230万美元
https://i.imgur.com/Ki4EtfW.jpeg
FINANCIAL KEY INDICATOR DPLUS KIAThe K-pop × Esports connection
Dplus KIA财务关键指标：K-pop × 电竞的连结
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.
从理论上看，这个构想是合理的，韩国是唯一一个同时将K-pop与电竞视为一线文化产业的
国家，两者的受众也相似：年轻、网络连结紧密，并且热衷于关注人物
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.
将偶像与职业选手纳入同一体系、促进受众交叉、共享行销资源并发挥商业协同效应——这
样的构想听起来相当吸引人，至少在2021年12月的一轮融资中（Damwon夺得世界冠军一年后
），这套说法成功将Abyss的估值推高至7400万美元
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.
但在实际运作中，这种融合并未真正发生。K-pop经纪公司依赖音乐版权、代言合作与票务
收入，一旦艺人站稳脚步，收益相对稳定
相对地，电竞战队则仰赖不确定的比赛奖金、与成绩挂钩的赞助，以及由Riot Games制定的
联盟收入，同时还需支付全球最高水准的选手薪资，两者的商业模式与其说互补，不如说彼
此冲突
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.
不过可以确定的是，一支曾夺得世界冠军的LCK战队仍具备难以量化但确实存在的品牌价值
，其LCK席位本身也是重要资产，无论是否直接受到电竞部门影响，在2025年最新一轮融资
中，Abyss的估值约为4000万美元