Chorokbaem Media, Q1 Consolidated Sales Grow 738% YoY... "Entering Growth Trajectory"

[Asia Economy Reporter Yoo Hyun-seok] Chorokbaem Media announced on the 17th that its consolidated sales for the first quarter of this year recorded 37.89 billion KRW, an increase of 738% compared to the same period last year. Operating profit for the same period was 2.136 billion KRW, achieving a turnaround to profitability.

Last year, due to COVID-19, Chorokbaem Media's drama lineup was reduced, resulting in an operating loss of 8.5 billion KRW. However, the company succeeded in turning a profit within one year. The company explained that it has entered a full-fledged growth trajectory.

In the first quarter, Chorokbaem Media aired dramas consecutively without gaps, including "Gyeolhon Jaksa Iho Jakgok" in January, "Penthouse Season 2" in February, and "OK Gwangja-mae" in March, generating steady drama broadcasting revenue. In particular, the hit drama "Penthouse," which showed high viewership ratings, and the return work of writer Im Seong-han, "Gyeolhon Jaksa Iho Jakgok," were produced as seasons, greatly improving profitability.

Additionally, the rental business of the LCT Observatory and the F&B business revenue of its subsidiary "Chorokbaem Food Farm" have been reflected in full from this year, noticeably improving performance.

A Chorokbaem Media official said, "The first quarter results are just the starting point of the expanded drama lineup this year," adding, "Chorokbaem Media will gradually reduce the proportion of outsourced production sales with limited profitability and transform its business model into a drama IP original creator, pursuing not only external growth but also a higher level of profitability."