SM Entertainment Records Highest First Quarter Profits In Its History
SM Entertainment has revealed its profits for the first quarter of 2016.
At 90.5 billion won (approximately $77.4 million), it is the highest recorded quarter profits in their history. The profits for its consolidated operations was about 9 billion won ($7.7 million), a 139.8% rise from last year.
SM also posted sales of 43.2 billion won ($36.9 million) in the consolidated global market, a growth of about 71% in the business sector that was built on the diversified portfolios of its artists, including music, commercials, and concerts.
Earlier this year, SM debuted the large-scale idol group NCT and established business in China, including an alliance with the Alibaba Group. In 2016, the company plans to expand broadcast production in China as well.
SM’s subsidiary company, SM C&C, also saw a rise of 64.5% in revenue, about 20.5 billion won ($17.5 million), through its drama production.
The company worked on “The Merchant: Gaekju 2015” at the start of 2016 and the currently broadcasting “Neighborhood Lawyer Jo Deul Ho.” In 2016, they are planning to work with China in order to produce variety programs as well as various joint productions.