K-pop concerts’ return boosts SM profits by 70%
The Seoul-based giant posted profits of 25.2bn won (€18.3m) from Q4 2022, as as controversy grows over its "hostile takeover" by rival HYBE
News By James Hanley | 21 February 2023
K-pop powerhouse SM Entertainment has seen its profits soar 70% thanks to the return of concerts and live events, as controversy grows over its “hostile takeover” by rival HYBE.
Bloomberg reports that Seoul-based SM posted an operating profit of 25.2 billion won (€18.3 million) in Q4 2022, with sales rising 18.2% to 256.4bn won. Its number of concerts in the three-month period was up 35 times on the same quarter in the Covid-hit 2021.
SM, which is home to acts such as BoA, TVXQ, Girls Generation, Shinee,…
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