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Profits Climb at Korea’s CJ ENM, but Film Business Retreats Further

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The impact of COVID-19 was ingrained throughout the annual financial results of CJ ENM, the most diversified entertainment company in South Korea. Music gained ground, while film was lossmaking. Si…

, the most diversified entertainment company in South Korea. Music gained ground, while film was lossmaking. Similarly, the group’s streaming business rapidly grew its top line, but its heavy investment costs kept the unit in the red.

The media division recorded annual sales of KRW 1.75 trillion and operating profit of KRW 166.5 billion, its highest ever annual operating profit.increased by 19% quarter on quarter. The company did not disclose an end of year subscriber total, but said that its target for the streamer is for a further ramp up to four million subscribers by the end of 2022. It aims to achieve this by expanding content production and clawing back market share. Netflix remains the streaming market leader in Korea.

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