On February 7, SM Entertainment revealed their Q4 2023 report, highlighting impressive financial achievements and revealing their ambitious lineup for 2024. The company reported consolidated sales of 960 billion KRW (722.5 million USD) and an operating profit of 115.4 billion KRW (87 million USD) for 2023, marking a 13% increase in sales and a 27% rise in operating profit compared to the previous year. Net profit also surged by 41.2%, reaching 115.8 billion KRW (87.2 million USD).
The success was largely attributed to a surge in album sales and a 224% increase in concert events. New album releases hit a record high of 20.1 million units, reflecting a 67% increase from the previous year. However, Q4 saw a slight downturn with a 3.4% decrease in sales and a 51.7% drop in operating profit, primarily due to reduced advertising sales and increased brand marketing expenses.
SM Entertainment reveals 2024 artist comeback and debut plans.
Looking forward, SM Entertainment plans to introduce a diverse range of artists in Q2 2024. Fans can expect new releases from aespa, SHINee, Suho, Red Velvet, WayV, RIIZE, BoA, Hyoyeon, NCT Dream, and NCT’s Doyoung.
In a strategic move, SM announced its first-ever share buyback and shareholder return policy, aiming to distribute approximately 28.1 billion KRW (21.1 million USD) in dividends and cancel 240,000 treasury shares. The proposed cash dividend stands at 1,200 won per ordinary share.
CEO Jang Cheol Hyuk also revealed plans to debut four new groups in 2024, including NCT WISH, virtual artist Naevis, a new girl group, and a British boy group, signalling an exciting year ahead for SM Entertainment.
