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.
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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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