Wanna One Helps Increase CJ E&M’s Third Quarter Profits By 316 Percent
CJ E&M released its earnings report for the third quarter of 2017 on November 8, where the company continued to show strength and growth in most of its sectors.
In the third quarter of 2017, CJ E&M made 440.1 billion won (approximately $395 million) in revenue which is an increase of 16.2 percent, and earned 12.7 billion won (approximately $11.4 million) in operating profit which is an increase of 316.3 percent.
Despite the slump in the Korean broadcasting advertisement industry, CJ E&M showed growth in the broadcast sector. Its strong contents increased viewership ratings which led to more TV ad revenue. Also, in its music sector, Wanna One’s album and tracks from “Show Me The Money 6” stood out as the strong points of growth during their third quarter.
Compared to last year this time, CJ E&M’s broadcast sector profits increased by 5.7 percent, with a 50.2 percent increase in digital ad sales and 26.9 percent increase in VOD sales.
In summary, CJ E&M made 317.2 billion won (approximately $284.7 million) in broadcast, 47.6 billion won (approximately $42.7 million) in film, 66.3 billion (approximately $59.5 million) in music, and 8.9 billion won (approximately $7.9 million) in its performance sector.