Operating Profit Reaches 50.5 Billion Won with 70% Year-on-Year Growth

SM Entertainment

SM Entertainment announced Wednesday that it achieved record earnings and revenue in the third quarter of this year. The company reported an operating profit of 50.5 billion won ($38.5 million) and revenue of 266.3 billion won, marking a significant increase of 70% and 12%, respectively, compared to the same period last year. The disclosed financial statement also revealed a net profit surge of 189% year-on-year, reaching 84.2 billion won. 

▲ SM Entertainment

The notable rise in the sales of records and music, coupled with the return of in-person concerts, contributed to the record earnings. Major artists under the label, including NCT Dream, aespa, and Riize, played a significant role in this success. NCT Dream alone sold more than 4.32 million albums, while EXO, NCT, and Riize each exceeded a million in sales.

SM Entertainment aims to sustain this positive trend in the upcoming quarters. NCT127 released its fifth LP last month, and Riize dropped a single in late October. In the current month, aespa, Red Velvet, and Taeyeon are set to make their returns. Additionally, aespa is scheduled to release an English-language LP in the first quarter of the next year.

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