CJ ENM succeeded in turning a profit last year, thanks to the promotion of its online video service (OTT) Tving. The company announced on the 12th that it recorded revenues of 5.2314 trillion won and an operating profit of 104.5 billion won.
The entertainment institutional sector successfully turned a profit due to the growth of Tving and the expansion of global content distribution, while the commerce institutional sector showed improvements in both scale and revenue as competition in mobile live commerce platforms increased, the company noted.
A CJ ENM representative said, "Tving achieved significant growth in 2024, and successfully turned around due to an advanced content distribution strategy and the growth of mobile live commerce," adding, "The entertainment sector will focus on expanding global business capabilities and platform competitiveness based on quantitative and qualitative growth of content in 2025, while the commerce sector will concentrate on mobile live commerce."
Revenue from the media institutional sector rose 8.8% year-on-year to 1.3732 trillion won, driven by the success of tvN in both content popularity and viewing ratings. Although the advertising market contracted due to worsening external conditions, growth continued based on content competitiveness.
In particular, Tving's revenue increased by 33.4% year-on-year to 435.3 billion won, thanks to differentiated content such as broadcasts of the '2024 KBO League' and advertising payment plans (AVOD) that attracted paid subscribers.
Revenue from the film and drama institutional sector achieved 1.7047 trillion won, an increase of 56.1% compared to the previous year, driven by strong performance in content distribution and the stabilization of Fifth Season's operations.
The music institutional sector continued its growth, recording revenue of 702.1 billion won during this period, propelled by the success of its own artists and the successful debut of new global artists. The popularity of the fifth-generation boy group 'ZEROBASEONE' drove this growth.
The commerce institutional sector recorded annual revenues of 1.4514 trillion won and an operating profit of 83.2 billion won. Following a 'one-platform' strategy that organically linked TV and e-commerce centered on strengthening mobile live commerce, revenues and operating profit increased by 8.5% and 20.1%, respectively, compared to the previous year. In particular, the transaction volume of mobile live commerce increased by 96% year-on-year, enhancing competitiveness.
CJ ENM stated during its conference call that it set its goal for 2025 as 'global expansion of content and growth of digital platforms.'
Content will strengthen its scheduling strategy by leveraging its planning and production capabilities that sparked a syndrome-level craze with productions like "Queen of Tears" and "Jumping While Carrying a Seoetai." This includes advancing quarterly tentpole dramas and resuming Wednesday-Thursday dramas.
Additionally, it will enhance local content production in collaboration with studios in the United States and Japan and diversify content distribution channels to regions with high demand for K-content, such as India, South America, and the Middle East.
Tving's global expansion will also accelerate. It plans to prioritize entry into the Japanese, Southeast Asian, and U.S. markets based on local partnerships and maximize synergies with global distribution. Through this, it aims to become the representative platform for global K-content with 15 million subscribers by 2027.
It will accelerate its global strategy in the music business and strengthen the digital platform encompassing Tving, Mnet Plus, and OnStyle. The competitiveness of mobile live commerce will also continue to be enhanced.
CJ ENM CEO Yoon Sang-hyun said, "The content industry no longer has borders, languages, or boundaries between genres, and innovative attempts and new challenges are needed more than ever."