According to SM Entertainment's performance report published on May 8 KST, the entertainment label recorded an operating profit of 15.5 billion KRW (~ 11.3 million USD), a net income of 12.4 billion KRW (~ 9.1 million USD), and sales of 220.1 billion KRW (~ 160.9 million USD) in the first quarter of 2024.
In particular, alongside NCT Dream's 2.46 million album sales, the label sold a total of 2.76 million albums in Q1. Thanks to the expansion of its drama production operations, the subsidiary company KEYEAST reported an operating profit of 700 million KRW, contributing to the Q1's overall profits.
As previously hinted, SM Entertainment intends on keeping busy with back-to-back music releases in Q2, Q3, and Q4. In Q3, fans can look forward to full albums from NCT 127 and Taeyeon, mini albums from SHINee's Key, EXO's Chanyeol, Red Velvet's Irene, NCT's Jaehyun, and NCT WISH. The virtual artist, nævis, is also expected to make her debut in this quarter.
Finally, in Q4, SM Entertainment will launch a new girl group in Korea, termed "RIIZE's sister group", as well as a UK-based boy group, co-created by MOON&BACK.
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I’m sick and tired of debuts. I just want good music. A full album with 12 songs that are over 4 minutes and 3 music videos 😔🖐🏽 This years kpop has been so dry.
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