CJ ENM, 3Q Sales of 1.11 trillion won, operating profit of 7.4 billion…
CJ ENM, 3Q Sales of 1.11 Trillion Won, Operating Profit of 7.4 Billion Won
CJ ENM announced on the 8th that it recorded sales of 1.11 trillion won and operating profit of 7.4 billion won for the third quarter on a consolidated basis. Sales decreased by 5.7% compared to the same period last year, while operating profit decreased by 71.0% during the same period. However, compared to the previous quarter, sales increased by 5.9% and the company turned a profit, escaping from operating losses.
CJ ENM stated, "Despite the slowdown in the TV advertising market, we were able to turn a profit in the entertainment business through the improvement of Fifth Season and TVING as well as the success of the music sector." They also explained that their commerce business defended profitability through the "one-platform strategy" that seamlessly connects TV and mobile channels.
In terms of business sectors, the media platform division recorded sales of 314.3 billion won and operating profit of 1.9 billion won, thanks to the expansion of paid subscribers and traffic growth of TVING. The film and drama division saw sales of 326.2 billion won and an operating loss of 20.4 billion won. Although sales recovered due to the resumption of global platform supply for new dramas such as Lie After Lie and Please Dont Meet Him as well as the supply of Fifth Seasons works, poor box office performance was a setback.
The music division recorded sales of 170 billion won and operating profit of 15.5 billion won. The album of ZERO BASE ONE, who debuted in July, achieved double million seller status, and the KCON LA 2023 event in August was a success. Ticket sales for concerts by JO1 and INI were also successful.
The commerce division had sales of 300.3 billion won and operating profit of 7.1 billion won. By organically combining commerce channels such as TV and mobile, the company successfully defended profitability with its one-platform strategy.
CJ ENM announced on the 8th that it recorded sales of 1.11 trillion won and operating profit of 7.4 billion won for the third quarter on a consolidated basis. Sales decreased by 5.7% compared to the same period last year, while operating profit decreased by 71.0% during the same period. However, compared to the previous quarter, sales increased by 5.9% and the company turned a profit, escaping from operating losses.
CJ ENM stated, "Despite the slowdown in the TV advertising market, we were able to turn a profit in the entertainment business through the improvement of Fifth Season and TVING as well as the success of the music sector." They also explained that their commerce business defended profitability through the "one-platform strategy" that seamlessly connects TV and mobile channels.
In terms of business sectors, the media platform division recorded sales of 314.3 billion won and operating profit of 1.9 billion won, thanks to the expansion of paid subscribers and traffic growth of TVING. The film and drama division saw sales of 326.2 billion won and an operating loss of 20.4 billion won. Although sales recovered due to the resumption of global platform supply for new dramas such as Lie After Lie and Please Dont Meet Him as well as the supply of Fifth Seasons works, poor box office performance was a setback.
The music division recorded sales of 170 billion won and operating profit of 15.5 billion won. The album of ZERO BASE ONE, who debuted in July, achieved double million seller status, and the KCON LA 2023 event in August was a success. Ticket sales for concerts by JO1 and INI were also successful.
The commerce division had sales of 300.3 billion won and operating profit of 7.1 billion won. By organically combining commerce channels such as TV and mobile, the company successfully defended profitability with its one-platform strategy.
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