'East of Eden' and 'Tantara' ... Global content drives CJ ENM's results

[Financial News] CJ ENM disclosed on the 5th that it recorded consolidated revenue of 1.1904 trillion won and operating profit of 22.1 billion won in the third quarter of this year.
The media platform division's revenue grew 10.0% year on year to 351.8 billion won, and it returned to profitability with operating profit of 5.9 billion won. As the decline in TV advertising revenue eased, TVING continued to grow, driven by subscriber growth and increased advertising revenue. TVING's advertising revenue rose 42.1% year on year.
The film and drama division recorded revenue of 285.3 billion won and operating profit of 15.5 billion won. Delivery of the Netflix original 'Tantara' and advance sales to global OTT platforms of titles including 'Four Hands, Two Sonatas' and 'I Go to Work Tomorrow' contributed to results. The TV series 'East of Eden' and film 'Beasts,' produced by Fifth Season, CJ ENM's global studio, each ranked No. 1 in Netflix's global English-language TV and film categories, respectively, while 'Lottery 1st Prize Goes to Work' topped the drama category in Japan on Disney+.
Music division revenue rose 3.6% year on year to 204.4 billion won, buoyed by strong album and concert performance and an expanded tour schedule. ALPHA DRIVE ONE (ALD1) contributed to results, achieving first-week sales of over one million copies with two consecutive albums in its debut year. However, the music division recorded an operating loss of 7.3 billion won due to factors including investment in developing new artists and increased investment in Mnet Plus content.
The commerce division recorded revenue of 348.9 billion won and operating profit of 6.7 billion won. Operating profit declined amid increased investment in areas including its creator business, while gross merchandise value for mobile content commerce (MLC) rose 104% year on year.
[email protected] Shin Jin-a Reporter