[Public Disclosure+] Daewon Media 1Q Operating Profit 3.9 Billion KRW... 325% Increase YoY

Content 'Boom'... Net Profit Up 1067% YoY

[Asia Economy Reporter Minwoo Lee] Daewon Media posted strong first-quarter results, buoyed by a content boom amid the COVID-19 situation.

Daewon Media announced on the 14th that it recorded consolidated sales of 76.2 billion KRW and operating profit of 3.9 billion KRW for the first quarter of this year. Compared to the same period last year, sales increased by 38.8% and operating profit surged by 325%. Net profit for the same period rose by 1,067% to 3.4 billion KRW. On a separate basis, the company also showed rapid growth, with sales of 61.4 billion KRW and operating profit of 1.7 billion KRW, up 40.9% and 555.3% respectively compared to the same period last year.

This is attributed to the content industry benefiting from the prolonged COVID-19 situation. Sales of Nintendo Switch consoles and software increased, approaching the level of the industry's peak season in the fourth quarter. The publishing business also successfully improved its structure, as online businesses such as webtoons and web novels outperformed offline business results for the first time. In the broadcasting business, revenue from cable TV and IPTV increased, along with an expansion in content supply to online video streaming services (OTT) platforms.

A Daewon Media official stated, "Since the core of the content business starts with original intellectual property (IP) such as webtoons and web novels, we will produce and secure high-quality content through our publishing subsidiary Daewon C.I. and Storyjak, and expand overseas business." He added, "We are preparing for the successful launch of the new IP ‘Armored Saurus,’ which is attracting great attention as a VFX animation, and based on this, we will develop various forms of global IP business."

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