Chorokbaem Media Achieves Record First Half... "Continued Growth by Expanding Content IP Business"

Comprehensive media content company Chorokbaem Media has succeeded in achieving record-breaking performance growth in the first half of this year, driven not only by stable revenue generation from its core business but also by the strong performance of its subsidiaries. Operating profit and net profit maintained a positive trend, recording triple-digit growth compared to the previous year.

Chorokbaem Media announced on the 16th through a disclosure that its cumulative operating profit and net profit on a consolidated basis for the second quarter of this year increased by 169.52% and 199.75% respectively compared to the same period last year, reaching 4.49 billion KRW and 12.34 billion KRW. During the same period, cumulative sales also rose by 8.81% year-on-year to 115.97 billion KRW.

The strong performance of Chorokbaem Media in the first half was driven by continuous drama broadcasts in its core drama content production business, resulting in uninterrupted related revenue. Additional income streams such as sponsorship revenue, licensing revenue, and OSTs expanded, along with increased production of original variety content for its captive channel K-STAR.

Up to the second quarter of this year, Chorokbaem Media produced and aired KSB’s Taepung-ui Sinbu (The Bride of the Typhoon), TV Chosun’s Red Balloon, and SBS’s Pandora: Manipulated Paradise, through which program sales and broadcasting channel sales increased by 48.38% and 38.02% respectively compared to the same period last year. Additionally, the rental business of the Busan LCT Observatory and the management and F&B (food and beverage) business of its subsidiary Chorokbaem E&M continued to generate steady cash flow.

On a non-consolidated basis, Chorokbaem Media’s cumulative sales for the second quarter rose 53% year-on-year to 37.24 billion KRW. Cumulative operating profit and net profit reached 210 million KRW and 2.5 billion KRW respectively, maintaining a positive trend. However, there was a slight decline due to a base effect caused by a large-scale disposal gain from selling the F&B business division as a subsidiary last year.

A company official explained, “Although Chorokbaem Media presented a lineup of five dramas last year, most were outsourced productions, and some pre-produced works were delayed in scheduling, resulting in underperformance relative to our goals. Starting with a return to profitability in the first quarter of this year, we entered a full-fledged growth trajectory and were able to maintain stable performance improvement.”

He added, “Since we plan to produce and air more than eight works?the largest scale ever?in the drama content business this year, we expect to continue the growth trend in the third quarter as well. In particular, by internalizing C2Media, which has strong OTT platform scheduling capabilities, we will maximize synergy effects in the production business and realize more efficient operations.”