Sales reach 1.1246 trillion KRW... 1.2% increase YoY
Media platform sector growth driven by TVING success
CJ ENM announced on the 7th that it recorded consolidated sales of 1.1246 trillion KRW and an operating profit of 15.8 billion KRW for the third quarter of this year.
Compared to the same period last year, sales increased by 1.2% and operating profit rose by 113.8%. However, a net loss of 531.424 billion KRW was sustained, continuing the deficit from the same period last year (net loss of 52.26 billion KRW).
By division, the Media Platform segment saw growth in both sales and operating profit driven by the success of TVING. The cross-programming strategy of premium content such as the drama "Eommachinguadeul" and the variety show "Seojinine2" also proved effective. Third-quarter sales increased by 13.4% year-on-year to 356.5 billion KRW, and operating profit surged by 471.5% to 10.8 billion KRW.
TVING attracted paid subscribers through the "2024 KBO League" and its advertising-based video on demand (AVOD) plan, resulting in third-quarter sales rising 55.6% year-on-year to 121.3 billion KRW.
The Film and Drama segment experienced a 22.9% decrease in sales to 251.6 billion KRW due to delivery delays from Fifth Season, recording an operating loss of 6 billion KRW. However, a CJ ENM official stated, "The film 'Veteran 2' has surpassed its break-even point, and production sales of killer content such as 'Jeon, Ran' and TVING original 'Woossi Wanghu' have been strengthened."
They added, "Losses were mitigated as the simultaneous global platform release of popular intellectual properties (IP) and the continued expansion of overseas package sales of the content library progressed."
The Music segment posted sales of 182.7 billion KRW and an operating profit of 2.4 billion KRW. The male idol group ZeroBaseOne’s fourth mini-album (with first-week sales of 1.112 million copies) gained popularity. The release of the second mini-album by the Japanese girl group Me:I and the expansion of global concerts by INI, ZeroBaseOne, and ATEEZ also contributed to increased sales.
The Commerce segment recorded sales of 333.8 billion KRW and an operating profit of 9.2 billion KRW, marking growth for the third consecutive quarter. The company explained that this was due to strengthening mobile live commerce, attracting new app customers, and increasing the number of new brands.
Compared to the same period last year, mobile live commerce transaction volume increased by 88.6%, and the number of newly entered brands rose by 164%. Mobile live shows featuring famous celebrities such as Han Ye-seul, Soyou, and Ahn Jae-hyun also contributed to enhancing content competitiveness.
A CJ ENM official stated, "With the increase in TVING paid subscribers improving profits, the global influence of premium content IP and the strong performance of leading artists have sustained the positive earnings trend."
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