Written by 뉴스넷• 2024-11-07•
3:16 PM•
Economics
“Netflix, Watch Out” – TVING’s Impact is Significant… CJ ENM “Laughs”
HomeEconomics“Netflix, Watch Out” – TVING’s Impact is Significant… CJ ENM “Laughs”
Q3 Sales: 1.1246 trillion KRW, Operating Profit: 15.8 billion KRW… Operating profit rose by 113.8% YoY,
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, ‘CJ ENM, which faced a crisis last year with a deficit in the 10 billion KRW range and is known as a “leader in K-content,” has continued to achieve profits for three consecutive quarters this year, driven by the influence of Tving. Mobile live commerce, bolstered by celebrities like Han Ye-seul, also contributed to improved performance.’,
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, ‘CJ ENM announced on the 7th that it recorded a Q3 sales of 1.1246 trillion KRW and an operating profit of 15.8 billion KRW on a consolidated basis. Compared to the same period last year, sales increased by 1.2%, and operating profit skyrocketed by 113.8%.’,
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, ‘However, the net loss for the period was 531.4 billion KRW, indicating continued deficits. The deficit widened due to the fallout from the failed establishment of a performance venue by its subsidiary CJ LiveCity and Gyeonggi Province.’,
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, ‘The Q3 performance of CJ ENM was driven by the top domestic online video service (OTT), Tving. The company stated, “The entertainment business continued its profitability trend due to increased Tving subscribers and the global competitiveness of premium content.”‘,
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, ‘Tving secured exclusive broadcasting rights to the “2024 KBO League,” which surpassed 10 million viewers for the first time this year. Benefiting from attracting paid subscribers through its ad-supported plans, Tving significantly increased sales and operating profit in the media platform segment. Sales jumped by 13.4% to 356.5 billion KRW, and operating profit surged by 471.5% to 10.8 billion KRW compared to the same period last year.’,
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, ‘Specifically, Tving’s monthly active users (MAU) in Q3 surpassed 7.8 million based on mobile index, closely chasing the number one OTT, Netflix. Tving’s revenue alone increased by 55.6% to 121.3 billion KRW compared to Q3 last year.’,
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, ‘The commerce segment also played a dual role alongside the media platform segment. The strengthening of mobile live commerce shone through. Sales reached 333.8 billion KRW, and operating profit hit 9.2 billion KRW, driven by an increase in new app customers and new brand arrivals.’,
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, ‘Compared to the same period last year, mobile live commerce transactions rose by 88.6%, and the number of new brands increased by 164%. The company revealed that the strategy of employing famous celebrities like Han Ye-seul, Soyou, and Ahn Jae-hyun in mobile live commerce was effective. Consequently, the average daily active users (DAU) of the mobile app in September hit its highest ever for the month.’,
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Han Ye-seul attending the production announcement of the ‘CJ OnStyle Super Large Mobile Live Show’ last August. / Photo=News1,
, ‘In the film and drama sector, due to the delayed delivery by the US film production company Fifth Season, which CJ ENM acquired in 2021, the revenue decreased by 22.9% to 251.6 billion KRW and reported an operating loss of 6 billion KRW. CJ ENM explained, “The film ‘Veteran 2,’ which surpassed 7.5 million cumulative viewers, exceeded its break-even point. Additionally, the simultaneous global platform airing of hit IPs like the drama ‘I Don’t Want to Take a Loss’ and the variety show ‘Seojin’s Kitchen 2’ helped mitigate losses.”‘,
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, ‘The music segment showed strong performance, achieving sales of 182.7 billion KRW and an operating profit of 2.4 billion KRW, aided by the successful showing of self-produced artists like the boy group ‘ZEROBASEONE.”,
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, ‘A CJ ENM representative stated, “With continuous growth in Tving’s paid subscribers improving our profits, and the strengthened global influence of premium content IPs, as well as the success of our flagship artists, the profitability trend is ongoing. In Q4, we will focus on enhancing platform competitiveness and maximizing profitability based on our ‘surpassing content competitiveness.’”,
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