CJ ENM Reports Operating Profit of 272.1 Billion KRW Last Year... Recovery in TV Advertising Revenue

[Asia Economy Reporter Lim Chun-han] CJ ENM announced on the 4th that its annual sales under the Korean International Financial Reporting Standards for 2020 reached 3.3912 trillion KRW, with an operating profit of 272.1 billion KRW. The sales for the fourth quarter of 2020 were 944.3 billion KRW, and operating profit increased by 106% year-on-year to 87.9 billion KRW.

The media division recorded annual sales of 1.5907 trillion KRW and an operating profit of 99.9 billion KRW, a 40.8% increase compared to the previous year. In the fourth quarter, TV advertising revenue increased by 7.7% year-on-year, thanks to high viewership and buzz generated by the drama 'The Uncanny Counter,' which achieved the highest ratings since the launch of OCN, the tvN variety show 'New Journey to the West 8' directed by star PD Na Young-seok, and the Mnet hip-hop audition program 'Show Me the Money 9.'

CJ ENM plans to enhance its content competitiveness this year through dramas such as 'Vincenzo' starring Song Joong-ki, 'Hospital Playlist 2' by PD Shin Won-ho's team, the variety show 'Unexpected Business' featuring Cha Tae-hyun and Jo In-sung, and the teenage hip-hop competition program 'High School Rapper 4.'

The music division recorded annual sales of 180.3 billion KRW and an operating profit of 6.5 billion KRW, a 17.3% increase from the previous year. Although offline concert business was suspended, resulting in some decline in related sales, the fourth quarter saw increased profitability contributed by album and digital music sales from in-house artists such as IZ*ONE, JO1, and ENHYPEN. This year, CJ ENM plans to introduce new globally oriented IPs such as 'Girls Planet 999' and expand its in-house artist lineup through global partnerships.

The film division recorded annual sales of 141.6 billion KRW and an operating loss of 13.5 billion KRW. Performance declined compared to the previous year due to the impact of the COVID-19 pandemic on domestic and international theater and performance markets. This year, CJ ENM aims to improve profitability by expanding its transmedia strategy and strengthening its lineup centered on in-house projects such as 'Silence' and 'The Cursed: Dead Man’s Prey.'

The commerce division achieved sales of 1.4786 trillion KRW, a 3.6% increase from the previous year, driven by the growth of in-house brands such as 'Celeb Shop Edition,' 'Daniel Cremieux,' and 'Atssential.'

This year, CJ ENM aims for annual sales of 3.8 trillion KRW and an operating profit of 250 billion KRW based on ▲ accelerating digital transformation across all business divisions ▲ expanding the lifetime value (LTV) of content and commerce products ▲ and strengthening its in-house brands.

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