SM has announced its third-quarter financial results for this year. Due to the slowdown in the growth of the K-pop market, overall performance decreased compared to the same period last year. However, it recorded more than ten times the net profit of HYBE (1.4 billion) for the same quarter.
On the 5th, SM reported its third-quarter 2024 consolidated revenue of 242.2 billion KRW, operating profit of 13.3 billion KRW, and net profit of 16 billion KRW.
Compared to the same period last year, revenue decreased by 9.0%, operating profit by 73.6%, and net profit by 56.8%. The decline in revenue was attributed to decreased album sales and a drop in revenue from major subsidiaries. The operating profit decreased due to the drop in subsidiary sales and the production costs associated with SM's first UK boy group, Dear Alice, for a broadcast program.
On a standalone basis, third-quarter revenue was 172.1 billion KRW, and operating profit was 27.1 billion KRW, representing a decrease of 8.8% and 43.6%, respectively, compared to the same period last year. Although album/music sales decreased due to a high base of new album sales in the previous year, concert and related revenues increased thanks to expanded performances and the internalization of concert business operations.
SM has active plans for its artist lineup in the 4th quarter of this year and the 1st quarter of next year. In particular, in the first quarter of next year, SM is set to launch a new girl group after a five-year hiatus following aespa. The group plans to begin full-scale promotions with the release of a single in the first quarter of next year.
[...]
SM co-CEO Jang Chul-hyuk stated, "SM is not only continuing to build upon our long-loved existing artist teams but also expanding our artist IP across all generations of K-pop through new artist debuts, including the debut of a new girl group next year. Through this, we will further solidify our artist lineup." He added, "In celebration of SM's 30th anniversary next year, we plan to showcase a variety of projects such as concerts, albums, and merchandise for all the fans who have supported SM."
original post: here
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