FNC Entertainment Sees Increase In 1st Quarter Profits And Announces Future Plans
On May 15, FNC Entertainment announced its earnings for the first quarter of 2018.
During the first quarter, FNC Entertainment recorded total sales of 19.3 billion won (approximately $17.8 million), business loss of 600 million won (approximately $555,821), and net loss of 1.2 billion won (approximately $1,109,642).
Compared to last year, its total sales increased by 29.5 percent while its operating loss and net loss recovered by 56.6 percent and 37.7 percent respectively.
A source from FNC Entertainment said, “Due to Jung Yong Hwa‘s sudden military enlistment and partial transfer of shares, there is some concern about a decline in performance this year, but the results of our focused investments in the acting and variety sectors are expected to become visible. Also, we will concentrate on establishing a framework for stable growth after a generational shift of artists in the music sector and easing of the ban on Korean culture in China.”
In the music sector, the agency will focus on the individual promotions of CNBLUE members, expand overseas performances of rookie groups including SF9 and N.Flying, and prepare for the debut of new female and male groups in China.
Following the transfer of FNC AD Culture’s subsidiary FNC Production, the agency will create synergy with its in-house TV personalities to remain competitive in management as well as content creation in the variety show sector.
A source from FNC Entertainment added, “This year will be a year where we focus our investments in cultivating new artists in the music sector and see the results of the investments in the acting and variety sectors.”
The source continued, “Using this year as a break-even point, the growth rate is expected to expand staring next year. Using cash liquidity as our foundation, we will pursue a variety of new businesses linked to our artists through M&A [Mergers & Acquisitions].”