CJ ENM, 11% Sales Increase... Operating Profit Turns Positive at 35.3 Billion KRW

2024 Q2 Earnings Announcement

CJ ENM's sales for the second quarter of this year reached 1.1647 trillion KRW, an 11% increase compared to the same period last year, and operating profit turned positive at 35.3 billion KRW.

On the 8th, CJ ENM announced that its consolidated sales for the second quarter of 2024 were 1.1647 trillion KRW, with an operating profit of 35.3 billion KRW. Sales increased by 11% year-on-year and 0.9% quarter-on-quarter, while operating profit turned positive compared to an operating loss of 30.3 billion KRW in the second quarter of last year.

The Media Platform division explained that it increased paid subscribers through strong performances of content such as Tears of the Queen and Seonjae Eopgo Twieo, as well as expanding its content library with titles like 2024 KBO League and High School Mystery Club 3.

During the same period, TVING's paid subscribers increased by 29% year-on-year, and according to Mobile Index, the monthly active users (MAU) in the second quarter surpassed 7.4 million. TVING's sales for the second quarter of this year were recorded at 107.9 billion KRW, a 41% increase compared to the previous year.

CJ ENM Q2 2024 Performance Comparison Table [Unit: Million KRW]

The Film and Drama division saw sales increase by 25.3% year-on-year to 287.6 billion KRW due to strengthened premium content sales in the global market, while operating loss was recorded at 18.2 billion KRW.

The Music division continued steady growth, supported by the strong performance of in-house artists and the debut of new global artists, recording sales of 152.3 billion KRW and operating profit of 4.9 billion KRW in the second quarter.

The Commerce division posted sales of 371.9 billion KRW and operating profit of 27.5 billion KRW, marking consecutive quarters of year-on-year growth in both revenue and operating profit. In particular, mobile live commerce transaction volume grew by 108% year-on-year, maintaining a solid growth trend.

A CJ ENM official stated, "TVING succeeded in turning a profit thanks to simultaneous increases in subscribers and traffic, expanded content supply from Fifth Season, and the global success of our artists."

He added, "In the second half of the year, we will focus on maximizing profitability by enhancing platform competitiveness through strengthening the premium content lineup and diversifying content distribution strategies."