South Korea’s SM Entertainment posted a 30% year-on-year boost in Q2 revenue thanks to an increased line-up of concerts domestically and internationally.
The entertainment giant saw its second quarter revenue jump to 239.8bn South Korean won (£143m/€166m/$182m), up from 184.4bn KRW in Q2 the year prior.
Net income for the whole company amounted to 28.3bn KRW while gross profit totalled 83.2bn KRW in Q2.
SM Entertainment’s roster includes K-Pop acts such as aespa, NCT, SUPER JUNIOR, Girls’ Generation, SHINee, EXO, Red Velvet, KANGTA, BoA, TVXQ! and more.
Concerts brought in 20bn KRW in Q2 in 2023, compared to 5.7bn KRW during the same period the year prior. This helped to offset the -18.5% drop in album and digital music sales, which amounted to 54.4bn KRW compared to 66.8bn KRW in 2022.
There were 60 concerts held in the second quarter of 2023 by SM Entertainment artists, compared to six concerts during the same period last year. NCT DREAM made up 17 of these concerts, while Red Velvet performed 11, TVXQ! Hosted 12 and other acts made up the rest.
Artists have at least 50 concerts lined up over the next few months, with NCT DREAM having just performed in Brazil, Chile, Peru and Mexico. Taeyeon is set to perform in Japan, Indonesia, the Philippines, Thailand and Singapore. Aespa are due to perform in Thailand, Japan, US, Mexico, Brazil, Chile, Germany, the UK and France.