Q1 Sales Up 59% YoY, Operating Profit Up 250%
Electronic Table of Contents Sales Grow 50%, Driving Growth
New Product Launches and Content Price Increases Contribute to Continued Performance Improvement
TJ Media, the leading karaoke equipment company in South Korea, achieved a 'surprise performance' in the first quarter of this year, benefiting from the endemic (periodic outbreak of infectious diseases) boom.
According to TJ Media on the 26th, the company recorded sales of 23 billion KRW and an operating profit of 1.7 billion KRW in the first quarter of this year. This represents an increase of 59% and 250%, respectively, compared to the same period last year.
Looking at the main sectors, the karaoke accompaniment device segment reached 9 billion KRW, up 111% compared to the same period last year. Sales in the electronic songbook (digital karaoke book) segment amounted to 9.6 billion KRW, a 50% increase year-on-year, driving growth in the first quarter. TJ Media raised its market share through last year's 'sound differentiation strategy' and 'win-win policy with business owners,' widening the sales gap with competitors by about three times.
As the number one company in the domestic karaoke accompaniment device industry, TJ Media has solidified its competitive advantage. Riding the endemic boom, the electronic songbook segment, which exports to Japan, continues to face supply shortages relative to demand. A TJ Media official stated, "Despite the sales increase from product and content price hikes barely being reflected in the first quarter results, the performance exceeded expectations." He added, "From the second quarter of this year, the price increases for content are being fully reflected in the results," and forecasted, "Profitability will further improve." The company expects to achieve its best-ever performance this year.
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