Music Platform 'FLO' Operator Dreamus Company
Announces First Half 2024 Performance... Revenue 121 Billion KRW
Dreamus Company, the operator of the music platform 'FLO,' announced on the 16th that it recorded an operating loss of 4.4 billion KRW and sales of 121 billion KRW on a consolidated basis for the first half of this year. Dreamus Company is an affiliate of SK Square.
Dreamus Company experienced a decline in sales compared to the same period last year due to intensified competition in the music platform market. However, IP-linked businesses such as fandom-based artist planning products (MD) and concert goods showed solid performance.
Last month, as part of improving the profit structure through management efficiency, the company decided to liquidate its non-core subsidiary Studio Dolphin. Studio Dolphin was incorporated as a subsidiary with the purpose of producing audio content in-house and expanding the content business. Currently, the audio service has completed pivoting to a creator production model, and FLO is focusing on music services.
At the extraordinary general meeting of shareholders scheduled for the 29th, Dreamus Company plans to newly appoint other non-executive directors and outside directors, and strengthen the board’s functions through governance restructuring. Additionally, based on its internal core competencies, the company continues to explore new growth models by combining platform technology with the entertainment business.
Kim Dong-hoon, CEO of Dreamus Company, stated, "In the second half of the year, we will focus on improving performance and enhancing corporate value through active cost efficiency and the development of entertainment-tech growth businesses via various collaborations."
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