Chorokbaem Media Achieves Profit 'Turnaround' in Q1 This Year... Revenue Up 28% Year-on-Year

Comprehensive media content company Chorokbaem Media announced on the 16th through a public disclosure that it achieved an operating profit of 1.1 billion KRW on a consolidated basis in the first quarter of this year, marking a successful turnaround.

During the same period, sales also grew by 28% year-on-year to 59.1 billion KRW, demonstrating growth in terms of scale. However, due to factors such as global inflation and interest rate hikes, the net loss for the period was 1.8 billion KRW, continuing the deficit, but showing significant improvement compared to the same period last year.

Earlier this year, Chorokbaem Media planned to produce and air more than eight works, the largest scale ever, in the drama content business sector. From last year through the first quarter of this year, it aired numerous works such as KBS’s Taepung-ui Sinbu (The Bride of the Typhoon), TV Chosun’s Red Balloon, and SBS’s Pandora: Manipulated Paradise, showing remarkable achievements.

Additionally, the rental business of the Busan LCT Observatory and the management and F&B businesses of its subsidiary Chorokbaem E&M helped maintain the company’s stable profit trend. Furthermore, Chorokbaem Media achieved meaningful results in securing additional revenue and expanding business areas by producing various entertainment contents this year, including Walking the Village Season 4 and through its subsidiary Aurora Media.

A representative of Chorokbaem Media stated, “Last year, Chorokbaem Media presented a lineup of five dramas, but since most works were focused on outsourced production, there were limitations in maximizing profitability. This year, as several works centered on pre-production and proprietary IP (intellectual property) will be introduced, we expect to show improvements in sales and profits.”

He added, “The reason we were able to achieve sales growth and a turnaround to operating profit in the first quarter is largely due to these factors. In particular, the successful sale of broadcasting rights to Chinese OTT platforms for My Liberation Diary, which holds IP, greatly contributed to this performance improvement. Based on this, we plan to gradually reduce the proportion of outsourced productions with limited profitability and accelerate the transformation of our business model into an IP original production company this year, aiming to catch both profit and growth.”

Meanwhile, Chorokbaem Media plans to consecutively release more than three works in collaboration with the Creator Alliance, including pre-produced works holding original IP such as Bad Memory Eraser and 7 Escapees this year. The Creator Alliance, launched in 2021, is a coalition of more than ten leading domestic content companies, including Chorokbaem Media.

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