CJ ENM (KOSDAQ: 035760) reported revenue of KRW 1.46 trillion ($1.16 billion) and an operating profit of KRW 6.6 billion ($5.24 million) for the fourth quarter of 2022.
The company’s media revenue increased 49% year-on-year to KRW 728.7 billion, driven by solid content sales and TV.
Despite a slight decline in advertising revenue, the music division reported quarterly revenue of KRW 171.5 billion and an operating profit of KRW 16.4 billion.
The film division reported a 469% increase in revenue to KRW 186.9 billion and a positive operating profit of KRW 5.2 billion year-on-year.
The Commerce segment reported revenue of KRW 376.9 billion and an operating profit of KRW 34.2 billion.
CJ ENM stated its plan to become a global IP powerhouse in 2023 by building a globally competitive content production system, strengthening its TV platform, expanding its music business worldwide, enhancing its content distribution structure, and focusing on profit-oriented management.
The company aims to secure its position as the number one OTT provider, secure hit IPs in the K- POP industry, optimize its distribution structure, and focus on restoring financial health through efficient cost management.
The Commerce business unit plans to build a “one platform” strategy that organically links the entire value chain and the company’s capabilities.
It is also focused on strengthening competitiveness in content commerce by working with the entertainment industry to increase live-streaming commerce.
CJ ENM will also focus on building a globally competitive production system and creator ecosystem to secure original and mega IPs in the content industry.