Chorokbaem Media, 3Q Cumulative Sales 103.4 Billion KRW... 379% Increase YoY

[Asia Economy Reporter Jang Hyowon] Chorokbaem Media announced on the 15th that its consolidated sales for the third quarter of this year reached 39 billion KRW, a 283% increase compared to the same period last year (10.2 billion KRW), marking the highest quarterly sales since the fourth quarter of 2016. Operating profit for the same period reached 1.3 billion KRW, achieving a turnaround to profit for three consecutive quarters.

On a cumulative basis, sales recorded an all-time high of 103.4 billion KRW, a 379% increase compared to the same period last year (21.6 billion KRW). Operating profit for the same period was 5.1 billion KRW.

The improvement in third-quarter performance was due to the expansion of this year’s drama lineup as well as the development of additional businesses such as dining and observatories. Revenue related to broadcasting programs such as "Penthouse 3," "Marriage Lyrics and Divorce Music 2," and "OK Kwang Sisters" accounted for about 58% of total sales, while the dining business operated by the consolidated subsidiary "Chorokbaem Food Farm" accounted for 39% of sales. The rental business of the "LCT" observatory in Busan also generated steady profits at a scale of 1 billion KRW.

A representative of Chorokbaem Media said, “While investments were concentrated last year to expand the business foundation, visible results are gradually being realized this year,” adding, “With the continuous expansion of new content-based businesses, performance growth is expected to accelerate further.”

He continued, “‘One Day,’ scheduled to air on the 27th, is a pre-produced drama that Chorokbaem Media is attempting for the first time using its own IP, and it is expected to significantly contribute to performance growth in the fourth quarter,” adding, “With the inclusion of ‘Bliss Entertainment’ in the entertainment business division and ‘Sky E&M’ in the chemical and mask business divisions as new subsidiaries, we will do our best to create synergies with the company’s core content business as well as expand our scale.”

Meanwhile, Chorokbaem Media announced on the 10th that it successfully raised approximately 110 billion KRW in large-scale funding and plans to promote new content-based businesses such as non-fungible tokens (NFT), metaverse, and e-commerce. The companies that invested in Chorokbaem Media include a total of seven companies, including the largest shareholder "Chorokbaem Company," "Lotte Home Shopping (corporate name Woori Home Shopping)," "Bithumb Korea," "Bident," "Wemade Tree," "Bucket Studio," and "YG Plus."

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