SEOUL, South Korea (CelebrityAccess) — SM Entertainment, one of South Korea’s largest entertainment conglomerates, revealed the Q2 results, notching up a loss for both revenue and net income during the quarter.
In the Q2 filing, SM Entertainment reported revenue fell by 1.1% during the quarter from 186.4 million KRW from 186.4 million KRW during the same period in 2021.
Net income took a sharp hit as well in Q2, sliding by %67.8 percent from 78.7 million during Q2 2021 to 25.4 million KRW this year.
Revenue breakouts for SM Entertainment showed that concerts rebounded in 2022, growing by 1,302.2% year over year but accounting for just 4.2 million KRW in revenue during the quarter, and licensing, which was up by 137.2% year over year, and generating 23.7 million KRW during the period.
Revenue from albums and digital music weighed on results, falling by 28.2% from 93.1 million KRW in Q2 2021 to 66.8 million KRW this year.
SM Entertainment attributed some of their financial shortfalls to continuing challenges in the live touring business, including the cancellation of K-pop group The Boyz U.S. concert dates.
