SM Entertainment earnings soar in ‘highest-ever’ quarter
The K-pop giant has reported sizeable increases across the board, bolstered by an increase in record sales and concerts
News By Lisa Henderson | 10 November 2023
K-pop giant SM Entertainment has reported its highest-ever quarterly earnings for Q3, bolstered by concerts and record sales. The Seoul-based company, which is home to acts some of the world’s biggest K-pop acts, reported KRW 48 billion (€34m) in operating profit – a 77% surge year-on-year (YOY).
Revenue followed suit with a 40% YoY increase, soaring to KRW 188.7 bn (€133.9m), while net profit reached KRW 37.1 bn (€26.3m), jumping 68% YoY.
SM says increases across the board can be attributed to the rise in music and…
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