SM Entertainment
With a slate of new artists and a recently launched North American joint venture, SM Entertainment’s revenue reached 250 billion won ($189.5 million at the period’s average exchange rate) in the fourth quarter of 2023, down 3.4% year over year and 6.1% lower than the third quarter, the company announced Wednesday (Feb. 7). Operating profit dropped 51.7% to 10.9 billion won ($8.3 million) while the company posted 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 attributed a decline in revenue from its concert-related subsidiaries to smaller-sized concerts and a decline in its content-related subsidiaries to “slow business conditions.” SM Entertainment’s share price rose 0.2% to 73,000 won ($54.77) after the earnings…