SM Entertainment Hits Record Earnings in Q3 with Stellar Artist Lineup

SM Entertainment has shattered its own financial records in the third quarter, under the strategic leadership of CEO Jang Cheol Hyuk. The company’s latest financial report showcases a significant surge in album sales and music distribution from their high-profile artists, marking the highest quarterly performance in SM’s history.

The report, released on November 8 KST, highlights a soaring operating profit of KRW 50.5 billion and a total sales revenue of KRW 266.3 billion. This represents a year-on-year increase of 70% in operating profit and a 12% rise in sales. Notably, net profits have also spiked by 189% to KRW 84.2 billion compared to the previous year.

The company’s individual performance metrics are equally impressive, with a 77% increase in operating profit and a 40% rise in sales for the third quarter alone. Net profit for the period stood at KRW 37.1 billion, marking a 68% increase from the previous year.

The success is partly attributed to the dynamic presence of NCT DREAM, aespa, and RIIZE, coupled with the return of live concerts, leading to a substantial boost in album sales. The quarter’s album sales reached a new high of 8.71 million units, more than doubling the figure from the same period last year.

Looking ahead, SM Entertainment is poised for continued financial success with a lineup of anticipated album releases and music projects. The schedule includes Red Velvet’s third album, Taeyeon’s fifth mini-album, and new music from NCT 127 and TVXQ.

Furthermore, SM’s global expansion plans for aespa, including an English album release, and new albums from NCT DREAM and NCT NEW TEAM, are set to propel the company’s growth into the next year.

CEO Jang Cheol Hyuk remains bullish on SM’s future, with a focus on recruiting global artists, securing a steady stream of quality music, and expanding revenue sources through external music sales.