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## SM Entertainment Announces Financial Performance for Q4 2023

With a slate of new artists and a recently launched North American joint venture, SM Entertainment has seen its revenue reach 250 billion won ($189.5 million at the periodÔÇÖs average exchange rate) in the fourth quarter of 2023. This figure reflects a 3.4% decrease year over year and a 6.1% drop from the third quarter. The company’s operating profit also took a hit, dropping by 51.7% to 10.9 billion won ($8.3 million), and posting a net loss of 19.7 billion won ($14.9 million) compared to a 1.9 billion won ($1.4 million) net profit in the prior-year period.

The company has attributed a decline in revenue from its concert-related subsidiaries to smaller-sized concerts and a drop in its content-related subsidiaries to “slow business conditions.” Despite this, SM Entertainment’s share price rose 0.2% to 73,000 won ($54.77) after the earnings release.

During the fourth quarter, SM Entertainment sold 5.6 million albums, marking a 40% increase from the prior-year quarter. NCT 127ÔÇÖs album “Fact Check” and aespaÔÇÖs “Drama” EP were among the top-selling albums. Additionally, NCT Wish and SHINee each performed successful concerts in multiple cities, contributing to the company’s strong album and concert sales figures.

In the full year of 2023, SM Entertainment achieved record-breaking album sales, with 64 albums selling a total of 20.1 million units and artists performing at 340 concerts worldwide. RIIZE, the first boy band launched under the companyÔÇÖs new multi-production system, also sold more than 1 million units of its debut album, “Get a Guitar.”

Moving forward, SM Entertainment has ambitious plans for 2024, including the launch of four new artists, global album releases, and an expansion in the scale of global concerts. The company will launch EPs from various artists and schedule concert dates across various regions to maintain its strong presence in the music industry.

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