Profits Climb at Korea’s CJ ENM, but Film Business Retreats Further
variety.comPatrick Frater Asia Bureau ChiefThe impact of COVID-19 was ingrained throughout the annual financial results of CJ ENM, the most diversified entertainment company in South Korea.
Music gained ground, while film was lossmaking. Similarly, the group’s streaming business rapidly grew its top line, but its heavy investment costs kept the unit in the red.For the year to end of December 2021, CJ ENM recorded a 5% increase in sales, to KRW3.55 trillion ($2.97 billion), and a 9% increase in operating profit, at KRW297 billion ($248 million), it sais in a regulatory filing on Thursday.
Net income weighed in with a big jump from KRW 66 billion to KRW 228 billion ($191 million).The media division recorded annual sales of KRW 1.75 trillion ($1.46 billion) and operating profit of KRW 166.5 billion, its highest ever annual operating profit.
The number of paying subscribers at streaming service Tving increased by 19% quarter on quarter. The company did not disclose an end of year subscriber total, but said that its target for the streamer is for a further ramp up to four million subscribers by the end of 2022.
Read more on variety.com
