Despite the declining numbers, SM Entertainment reigned supreme in the last quarter.
Koreaboo
SM Entertainment released its financial results for the third quarter of 2024 and the numbers caused a shock. Despite a difficult period marked by a slowdown in the growth of the K-Pop market, SM recorded a net profit more than ten times higher than its main competitor, MOVES.
In the third quarter, SM Entertainment’s consolidated revenues reached ₩242 billion KRW (approximately $176 million USD), with an operating profit of ₩13.3 billion KRW (approximately $9.68 million) and a profit net of ₩16.0 billion KRW (approximately US$11.6 million) ). Although these figures show an overall decline compared to last year – revenues fell by 9%, operating profit by 73.6% and net profit by 56.8% – SM still emerged ahead of HYBE by a margin significant.
The decrease in revenue resulted from lower album sales and lower revenues from key subsidiaries, along with increased expenses related to the production of SM’s first British boy group, DEAR ALICE.
On an individual basis, SM’s revenues were recorded at ₩172 billion KRW (approximately $125 million USD), with an operating profit of ₩27.1 billion KRW (approximately $19.7 million USD) – reflecting a decrease of 8.8% and 43.6% respectively – compared to the previous year. The reduction is mainly due to the strong base effect resulting from high album sales in 2023.
However, SM’s expansion of live performances and increased concert management have resulted in an increase in concert-related revenues, partially offsetting the decline in sales.
Looking ahead, SM Entertainment has a busy schedule for the remainder of 2024 and early 2025. The company is gearing up for a number of activities from its artist roster, including the highly anticipated debut of Red Velvet‘S Irene and their new girl group.
IRENE The first mini album 【Like A Flower】
➫ 11.26.2024 18:00 (KST)#Irene #IRENE#ComeUnFiore #IRENE_LikeAflower#redvelvet #RedVelvet pic.twitter.com/5Z2uJP4OKV— Red Velvet (@RVsmtown) November 3, 2024
Several other high-profile releases are also planned. NCT DREAM will release their fourth studio album, while TVXQ! will commemorate their 20th anniversary in Japan with a new Japanese album and concert tour. NCT the members are ready to release various solo and group projects, including albums by DESIRE NCT AND EARTH. Taeyeon, WayVAND Naive they are also expected to release new music.
Build a new DREAMSCAPEhttps://t.co/6bhlpiCweb
NCT DREAM 【DREAMSCAPE】
➫ 11.11.2024 18:00 (KST)🔗Access to the New Worldhttps://t.co/YUFa6u3Hag
💿 Pre-order, save and add https://t.co/A9WFDTk68j #NCTDREAM #DREAM LANDSCAPE#NCTDREAM_DREAMSCAPE pic.twitter.com/dJwP6QRhbx
— NCT DREAM (@NCTsmtown_DREAM) October 24, 2024
You can read all about the release schedule for their next album below:
SM Entertainment divulges future plans for its artists, including some big surprises
Share this post
