Genie Music Reports Record High Q1 Operating Profit of 4.2 Billion KRW

[Asia Economy Reporter Kang Nahum] Genie Music recorded its highest-ever quarterly operating profit in the first quarter of this year.

Genie Music announced on the 11th that it posted sales of 61 billion KRW and an operating profit of 4.2 billion KRW. Sales increased by 0.78% compared to the same period last year, and operating profit rose by 101% year-on-year.

Genie Music explained, "The factors behind this quarter's qualitative growth include increased profits due to strong music distribution sales and efforts to reduce marketing expenses," adding, "This year, we will further strengthen profits through qualitative growth based on solid fundamentals."

Going forward, Genie Music plans to continue differentiating its core business of music services. It will enhance AI-based music services and expand untact services by developing a live fan meeting platform.

Additionally, leveraging synergies with its three major shareholders?KT, CJ ENM, and LG Uplus?Genie Music intends to expand partnership models, discover new audio-related businesses to increase paid subscribers, and aggressively expand global music distribution.