CJ ENM returns to black on strong content business
Following megahits 'Lovely Runner' and 'Queen of Tears,' CJ ENM makes turnaround
South Korean entertainment giant CJ ENM returned to profitability in 2024, driven by the strong performance of its content business, particularly its cable channel tvN and streaming platform Tving.
In its earnings call on Wednesday, CJ ENM reported consolidated annual sales of 5.2 trillion won ($3.5 billion), marking a 19.8 percent increase from the previous year. The company posted an operating profit of 104 billion won during the same period, a significant turnaround from aa 10 billion won deficit in 2023.
By segment, the media division's sales rose 8.8 percent year-on-year to 1.3 trillion won, fueled by the success of tvN, CJ ENM's cable channel. The outlet delivered multiple hit programs in 2024, including "Marry My Husband," "Queen of Tears" and "Lovely Runner."
Tving also reported strong results, with its annual sales surging 33.4 percent year-on-year to log 435.3 billion won. CJ ENM attributed the growth to an increase in paid subscribers, driven by Tving's exclusive content, including the 2024 KBO League broadcasts, and the launch of an ad-supported subscription plan.
Meanwhile, CJ ENM's music business recorded a 3.8 percent increase in annual sales, reaching 702.1 billion won. Its commerce division also saw an 8.5 percent rise, totaling 1.4 trillion won.
Looking ahead, the company said it plans to further strengthen its content business by deepening collaboration with studios in Korea, Japan and the United States to enhance local content production. The company added that it also aims to develop large-scale, globally appealing intellectual properties, particularly in scripted content.
Additionally, CJ ENM is set to expand content distribution in high-demand markets for K-content, including India, South America and the Middle East.
Tving's international expansion is expected to accelerate, with a strategic focus on entering the Japanese, Southeast Asian and US markets through local partnerships while leveraging global distribution networks.
The company said it further aims to position Tving as a premier global K-content platform, targeting 15 million subscribers by 2027 through aggressive global expansion, a diverse content lineup, and enhanced user engagement via live services and short-form content.
Furthermore, CJ ENM unveiled plans to bolster its other digital platforms, including Mnet Plus and OnStyle. Mnet Plus, which has been expanding its global reach with exclusive K-pop content, is slated to strengthen its artist lineup while expanding its digital content and commerce initiatives to drive profitability.
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