[Announcement+] Genie Music Q2 Operating Profit 3.1 Billion KRW... Up 59% YoY

[Asia Economy Reporter Hyunseok Yoo] Genie Music announced on the 12th that it achieved record-high second-quarter results with sales of 61.8 billion KRW and operating profit of 3.1 billion KRW. Compared to the same period last year, sales increased by 9.7% and operating profit rose by 58.6%. Additionally, for the first half of the year, sales reached 122.3 billion KRW and operating profit 5.2 billion KRW, marking increases of 13.6% and 17.6% respectively compared to the previous year.

Overseas music distribution sales, which significantly influenced the first half performance, grew by 110% year-on-year to 8.5 billion KRW. Genie Music, having signed overseas music distribution contracts with companies such as Tencent and FUGA in China during the first half, currently supplies K-POP music to music platforms in over 50 countries worldwide.

The integration effect of the Genie platform also positively impacted Genie Music’s first half results. After completing service integration last year with Mnet.com, Olleh Music, and others, Genie Music minimized overlapping costs through cost efficiency measures in the first half of this year. Furthermore, by expanding partnership sales channels with entities like IBK, Genie Music increased its sales, and by avoiding low-price promotions, it also raised the average revenue per user (ARPU).

Jungsoo Park, Head of Business Planning at Genie Music, stated, “In the second half, we will further strengthen music distribution marketing with our shareholder CJ ENM and vigorously promote the expansion of KT and LGU+ additional music product spreads in line with new device launches.” He added, “We will maximize global music distribution performance through business partnerships with global platforms and music distribution companies.”

He continued, “We will continuously advance our service platform by reflecting customer needs to develop into a music platform that offers customers a newer experience.”

This content was produced with the assistance of AI translation services.