Entertainment conglomerate CJ ENM has revealed its sales and operating profits for the third quarter of 2024. This year, the company reported a total sales amount of 1.125 trillion KRW (~ 805 million USD) as well as an operating profit of 15.8 billion KRW (~ $11.3 million USD) for its third quarter.
In Q3, CJ ENM witnessed the largest sales increase in the area of media platform content through a significant increase in TVING users, made possible with the strategic distribution of popular content such as tvN's 'Love Next Door' and 'Jinny's Kitchen 2'. In particular, the number of monthly active users (MAU) on TVING surpassed 7.8 million during Q3, quickly catching up to global streaming platforms like Netflix.
In comparison, sales in the film and drama categories witnessed a 22.9% decrease (~ 251.6 billion KRW) in addition to an operating loss of approximately 6 billion KRW, despite the success of high-budget productions like 'I, the Executioner' which drew a crowd of 7.5 million moviegoers.
Meanwhile, in the music category, CJ ENM artist ZEROBASEONE recorded an impressive 1,112,000 copies in first-week sales with their 4th mini album, 'Cinema Paradise', contributing to the 182.7 billion KRW in sales as well as to the 2.4 billion KRW in operating profits.
A representative from CJ ENM stated, "While the continued increase in TVING subscribers improves profitability, the global influence of premium content IP and the success of key artists contributed to a surplus trend. In the fourth quarter, we plan to focus on strengthening our platform’s competitiveness and maximizing profitability by providing attractive content selections."
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