Chorokbaem Media, a comprehensive content media company, announced on the 18th that its subsidiary Chorokbaem E&M has achieved significant performance improvement in the first quarter of this year due to the endemic effect, and plans to continue revenue and profit growth centered on management and F&B (food and beverage) businesses.
Chorokbaem E&M disclosed that its consolidated sales for the first quarter of this year reached 36.1 billion KRW, up 2.43% compared to the same period last year. Operating profit during the same period increased by 27.71% to 2.2 billion KRW, and net profit recorded 900 million KRW, successfully turning to black.
On a separate basis, Chorokbaem E&M's first-quarter sales and operating profit rose by 70.03% and 23.92%, respectively, to 36.1 billion KRW and 2.2 billion KRW. The strong performance in the first quarter was due to increased external activities of affiliated artists following the endemic, as well as expanded revenue from new music releases by singers.
Chorokbaem E&M has significantly expanded its management business portfolio by absorbing and merging domestic entertainment companies such as ‘Bliss Entertainment’ and ‘LD Story’, securing a wide range of artists from singers to actors and comedians.
The parent company, Chorokbaem Media, maximized business synergy at the group level by acquiring a 43.75% stake in Korea’s leading model management company ‘K-Plus Holdings’ in May last year.
Including Chorokbaem E&M, approximately 400 artists are currently active within the Chorokbaem Group, which has been pursuing strategies to maximize this for over two years.
The company explained that it internalizes the value chain from ‘planning - casting - production - distribution (broadcasting) - secondary processing’ and creates its own content ecosystem to establish a sustainable virtuous cycle growth structure.
A representative from Chorokbaem E&M stated, “Since the transition to endemic, festival, performance, and concert cultures have been fully revitalized nationwide this year, leading to increased casting and activities of affiliated artists,” adding, “This trend is expected to continue.”
They continued, “Additional revenue growth is anticipated through the expansion of the management business and the new YouTube-oriented digital content production business,” and added, “Moreover, the food service division incorporated last year is maintaining a steady growth trend.”
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