SM's consolidated sales in Q2 increased by 6% year-on-year to KRW 253.9 billion
Aug 07, 2024
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Revenue rose 5.9% year-on-year, while operating profit fell 30.7%. Sales increased due to increased record sales and concerts, while operating profit decreased due to increased production content and operating losses of subsidiary corporations.
Net profit fell 70.3% year-on-year to 8.4 billion won, while operating profit fell 5.1 percentage points year-on-year to 9.7 percent.
On a separate basis, sales in the second quarter rose 25.4% year-on-year to 174.1 billion won, and operating profit rose 4.6% year-on-year to 29.3 billion won. Record sales increased due to increased sales of new albums, and increased concerts and MD (planned products) led to increased sales. Net income for the current period was 13.5 billion won, down 22.5% from the same period last year.
SM artists are expected to be active in the second half of this year. In the third quarter, starting with the release of NCT 127's full-length album, the first Japanese single by Aespa and RIZE was also released, receiving great love locally.
In addition, SM's first British boy group 'DEAR ALICE', which was produced with British entertainment company MOON&BACK, will debut in August with a TV series 'Made in Korea: The K-Pop Experience' to be released on the BBC, and will also release the new album of NCT WISH and SHINee keys, and the first solo album of NCT Jaehyun.
In addition, æ, SM's first virtual artist, is about to debut, and in the fourth quarter, a new girl group is scheduled to debut as well as the release of NCT Dream's regular album and Taeyeon and Espa's mini album.
On top of that, in the fourth quarter of this year, 'Trot Idol', composed of five talented and talented people, including Mr. Trot, K-Pop trainees, and actors, will be formed, and the growth story will be revealed through Korean and Japanese TV programs. After the TV program ends, a nationwide tour concert will be held. Next year, he is also aiming to make his debut in the men's rookie team.
Co-CEO Jang Cheol-hyuk said, "We are expanding the genre of music such as classical music, R&B, and trot, and expanding our IP not only in Asia such as Japan and China, but also in the Anglo-American world."We will achieve IP expansion through various formats such as multi-production systems and internal and external labels."
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