Tving recorded an operating loss in the third quarter of this year, marking a return to deficit after just one quarter of profitability.
On November 5, CJ ENM announced during a conference call that Tving generated revenue of 120.5 billion won ($90.5 million) and an operating loss of 7.2 billion won ($6.1 million). Tving had reported an operating profit of 6 billion won in the second quarter but shifted back to a loss in the third quarter.
However, CJ ENM explained that the overseas content sales were reflected all at once in the second quarter, impacting the third quarter results. A CJ ENM official stated, "The overseas sales of content were recognized in the second quarter, leading to a temporary spike in revenue that affected the third quarter." They added that when looking at Tving's performance on an annual basis rather than quarterly, there has been a clear improvement compared to the previous year.
Regarding the delay in signing the KBO broadcasting rights contract, the official noted, "It is not an issue with the contract itself, but rather procedural delays that are causing the holdup," and expressed optimism that the contract would be finalized by the end of the year.
Tving continued its growth in revenue, reporting a 42.1% increase compared to the same period last year, driven by subscriber growth and expanded advertising revenue. The company emphasized its competitiveness in the subscription and advertising sectors, even amid a reduction in scheduled KBO games and gaps in its original lineup.
Additionally, Tving expanded its global service reach by launching a brand channel on MBC Shahid, which serves 24 regions in the Middle East and North Africa (MENA), following its presence in 18 Asia-Pacific regions with HBO Max and Disney+ in Japan.
Meanwhile, CJ ENM reported consolidated revenue of 1.19 trillion won ($890 million) and an operating profit of 22.1 billion won ($16.5 million) for the third quarter. The significant increase in operating profit was attributed to the media platform's return to profitability and expanded pre-sales in the film and drama sectors.
Specifically, the media platform segment saw revenue rise by 10% year-on-year to 351.8 billion won, with an operating profit of 5.9 billion won. The film and drama segment reported revenue of 285.3 billion won and an operating profit of 15.5 billion won.
The music segment recorded revenue of 204.4 billion won, a 3.6% increase from the previous year, due to the success of global artist albums and expanded tours. The commerce segment reported revenue of 348.9 billion won and an operating profit of 6.7 billion won.
On November 5, CJ ENM announced during a conference call that Tving generated revenue of 120.5 billion won ($90.5 million) and an operating loss of 7.2 billion won ($6.1 million). Tving had reported an operating profit of 6 billion won in the second quarter but shifted back to a loss in the third quarter.
However, CJ ENM explained that the overseas content sales were reflected all at once in the second quarter, impacting the third quarter results. A CJ ENM official stated, "The overseas sales of content were recognized in the second quarter, leading to a temporary spike in revenue that affected the third quarter." They added that when looking at Tving's performance on an annual basis rather than quarterly, there has been a clear improvement compared to the previous year.
Regarding the delay in signing the KBO broadcasting rights contract, the official noted, "It is not an issue with the contract itself, but rather procedural delays that are causing the holdup," and expressed optimism that the contract would be finalized by the end of the year.
Tving continued its growth in revenue, reporting a 42.1% increase compared to the same period last year, driven by subscriber growth and expanded advertising revenue. The company emphasized its competitiveness in the subscription and advertising sectors, even amid a reduction in scheduled KBO games and gaps in its original lineup.
Additionally, Tving expanded its global service reach by launching a brand channel on MBC Shahid, which serves 24 regions in the Middle East and North Africa (MENA), following its presence in 18 Asia-Pacific regions with HBO Max and Disney+ in Japan.
Meanwhile, CJ ENM reported consolidated revenue of 1.19 trillion won ($890 million) and an operating profit of 22.1 billion won ($16.5 million) for the third quarter. The significant increase in operating profit was attributed to the media platform's return to profitability and expanded pre-sales in the film and drama sectors.
Specifically, the media platform segment saw revenue rise by 10% year-on-year to 351.8 billion won, with an operating profit of 5.9 billion won. The film and drama segment reported revenue of 285.3 billion won and an operating profit of 15.5 billion won.
The music segment recorded revenue of 204.4 billion won, a 3.6% increase from the previous year, due to the success of global artist albums and expanded tours. The commerce segment reported revenue of 348.9 billion won and an operating profit of 6.7 billion won.
* This article has been translated by AI.
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