Q2 2024 CJ ENM Co Ltd Earnings Call Transcript
Key Points
- CJ ENM Co Ltd (XKRX:035760) reported a consolidated revenue increase of 11% year-over-year, reaching KRW1.1647 trillion in Q2 2024.
- The company's operating profit stood at KRW35.3 billion, indicating solid financial performance.
- Paying subscribers grew rapidly by 29% year-over-year, contributing to a 41% increase in subscription and application revenue.
- Music business saw a 29% year-over-year growth in international revenues, driven by new album releases and distribution artists.
- Fifth season's revenue increased by 106% year-over-year, showing strong sales in different regions with recovering content production and deliveries.
- Studio Dragon reported a 49.4% year-over-year decrease in revenue, recording KRW137.1 billion, which is a 16% decrease over the previous year.
- The company continues to face challenges in its pictures and drama business, with ongoing losses.
- There is a possibility of a capital increase amounting to around KRW100 million to address operational costs.
- The company has seen an increase in debt numbers, raising concerns about financial stability.
- Rising production costs and tougher competition in the K-drama industry are putting pressure on profitability.
(interpreted) Good afternoon, this is Kay Choi from CJ ENM, IR department. I thank the shareholders and analysts for taking time out of your very busy schedule. Now let's begin the earnings release session versus and then to 2024. Please note that the financial and management results presented today have yet to undergo an independent auditor's review and could be subject to changes upon such review.
We have here with us CFO, Deuk-su Hwang; and Heads of different business units; from Media we have, [Kee Tong Hong]; from Film, [Kiang Bam Ku]; Music, Hyung-Kwan Shin; Global, Sean Choi; and from commerce we have, [Seong Be Park]; and from Studio Dragon, Jey-hyun Kim; from TVING, Choi Ju-hui; and from CJ ENM Studios, Yoon, Sang Hyun.
First, CFO, Deuk-su Hwang will deliver the company's management plans and goals.
(interpreted) Good afternoon. This is CFO, Deuk-su Hwang. CJ ENM continued its efforts to further enhance
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