Revenue fell 8.3% to 1.2 trillion won as media platform and commerce improved profitability, Studio Dragon returned to profit, and film and drama losses deepened on delayed Fifth Season deliveries.
CJ ENM reported second-quarter revenue of 1.2 trillion won, down 8.3% from a year earlier, while operating profit rose 16.9% to 33.4 billion won as stronger results from its media platform and commerce businesses offset weakness in film and drama. The media platform division swung to an 11 billion won operating profit on 380 billion won in revenue, helped by Tving, overseas brand channel expansion, professional baseball broadcasts and original content, while commerce revenue rose 4.4% to 402.8 billion won and operating profit increased 21.2% to 26 billion won, supported by a 161.3% jump in mobile live commerce transaction volume. Studio Dragon also returned to profit, posting 145.3 billion won in revenue and 15.4 billion won in operating profit, while film and drama revenue fell 53.7% to 190.2 billion won and the operating loss widened to 10.5 billion won because Fifth Season made no major content deliveries during the quarter. For the first half, CJ ENM said revenue rose 3.3% to 2.53 trillion won and operating profit increased 19.1% to 34.9 billion won.