With a slate of recent artists and a lately launched North American three way partnership, SM Leisure’s income reached 250 billion gained ($189.5 million on the interval’s common trade charge) within the fourth quarter of 2023, down 3.4% yr over yr and 6.1% decrease than the third quarter, the corporate introduced Wednesday (Feb. 7). Working revenue dropped 51.7% to 10.9 billion gained ($8.3 million) whereas the corporate posted a internet lack of 19.7 billion gained ($14.9 million) in comparison with a 1.9 billion gained ($1.4 million) internet revenue within the prior-year interval.
The corporate attributed a decline in income from its concert-related subsidiaries to smaller-sized concert events and a decline in its content-related subsidiaries to “gradual enterprise circumstances.” SM Leisure’s share value rose 0.2% to 73,000 gained ($54.77) after the earnings launch.
SM Leisure bought 5.6 million albums within the fourth quarter, up 40% from the prior-year quarter; NCT 127’s album Truth Verify bought 1.86 million items and aespa’s Drama EP bought 1.26 million items. As for concert events, NCT Want carried out 24 exhibits in 9 cities in Japan forward of its debut album’s launch later this quarter. SHINee carried out for 80,000 followers at 4 concert events in Japan. NCT 127 had six concert events in Seoul, Korea with a complete attendance of 60,000.
For the total yr, SM Leisure launched 64 albums that bought a file 20.1 million items, and its artists carried out at 340 concert events world wide. RIIZE, the primary boy band launched underneath the corporate’s new multi-production system — an organizational construction launched in 2023 to interrupt from the earlier system that relied solely on founder and ousted chief producer Lee Soo-man — bought greater than 1 million items of its debut album, Get a Guitar, which was launched in September.
“The multi-production system, which is the core a part of our SM 3.0 technique, has been working efficiently since its introduction final yr, and energetic musical actions are underway underneath the steering of every manufacturing SM director,” CEO Jang Cheol Hyuk stated throughout Wednesday’s earnings name. The system is supposed to hurry the introduction of recent artists and materials by offering different leaders with decision-making powers.
Looking forward to 2024, SM Leisure will launch 4 new artists: NCT Want, digital artist naevis, an unnamed lady group and a U.Okay.-based boy band. The corporate additionally plans to launch world albums for main artists not less than annually and increase the size of worldwide concert events, Jang stated.
Within the first quarter, SM has EPs from NCT Dream, TEN, Taeyong and Wendy, whereas NCT 127 is performing 13 dates in Japan, Indonesia, the Philippines, Thailand and Macau. The second quarter will see a brand new album from aespa and EPs from Purple Velvet, RIIZE, SHINee, SUHO and WayV, in addition to 15 live performance dates for NCT Dream in Korea, Japan and Southeast Asia. Different artists together with MINHO, TVXQ!, Tremendous Junior-L.S.S., SHINee, TAEmin and aespa every have a handful of exhibits within the first or second quarter.
SM Leisure additionally expects to see outcomes from its North American partnership with Kakao Leisure. The 2 firms are “working to ascertain and increase native partnerships for artists,” stated Jang. He pointed to the three way partnership’s strategic settlement with Moon & Again, a U.Okay.-based leisure and TV manufacturing firm, that may solid a five-member boy group in the UK and carry out songs sourced from KMR, SM Leisure’s new music publishing subsidiary.
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