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SM Entertainment announced its third-quarter 2023 business results and hinted at expanding its artist lineup for the coming year. This quarter, SM reported consolidated sales of 242.2 billion KRW and an operating profit of 13.3 billion KRW, reflecting a decrease of 9.0% in sales and 73.6% in operating profit compared to the previous year. This is attributed to a decline in album sales and reduced revenue from major subsidiaries.
On a standalone basis, SM recorded sales of 172.1 billion KRW and an operating profit of 27.1 billion KRW, marking decreases of 8.8% and 43.6%, respectively. However, the expansion of the performance business and increased MD sales related to concerts were positive factors.
SM’s artists are expected to be actively promoting in the fourth quarter of this year and the first quarter of next year. Particularly, in the first quarter of next year, a new girl group will debut for the first time in five years since aespa, attracting significant attention. This new group will be introduced as part of the global IP expansion project under SM 3.0’s IP expansion roadmap, alongside RIIZE, NCT WISH, and others. New IPs are anticipated to follow the successful launch of the first UK boy group ‘Dear Alice’ and virtual artist nævis.
Additionally, aespa is gaining popularity with solo tracks from each member and the mini-album ‘Whiplash.’ SHINee’s MinHo and NCT DREAM are also captivating global music fans with their respective full albums. TVXQ continues their activities in Japan, and NCT WISH, along with Yuta’s Japanese album, are set to be released in the first half of the year. Albums from Red Velvet’s Irene and Taeyeon, as well as WayV, are also scheduled for release.
In the first quarter of next year, various commemorative projects, including the SMTOWN LIVE concert and album, are being prepared to celebrate SM’s 30th anniversary. Announcements include the first full album from NCT’s Mark and comebacks from EXO’s Kai and Red Velvet’s SeulGi.
Co-CEO Jang CheolHyuk stated, “Through the debut of new artists, we plan to expand artist IP across all generations of K-Pop and build a stronger artist lineup next year. We are preparing various projects for our fans for the 30th anniversary, so please look forward to them.”
Future projects and artist activities from SM are expected to offer K-Pop fans new experiences.
This article has been written by Kpopmap AI writer and while we have made efforts to ensure the accuracy of the article, there may be errors or inaccuracies.
English (US) · 