SM Entertainment Posts Record Profits in first Half of Year
D-Bo , Aug. 11, 2015, 11:17 a.m.
SM Entertainment has posted record profits for the first half of the 2015. On August 10, the Financial Supervisory Service revealed SM’s tentative financial statement for the second quarter (Q2) of 2015, and following, the numbers for SM’s first half of the year. Looking at the combined numbers for all companies under SM, sales come to a whopping 141.6 billion KRW (approx. 120.2 million USD). With a figure 9.7 percent higher than the corresponding number for last year, SM has set a new record for the company.
The agency has also seen significant growth in its dealings in China, as well, also breaking its previous record. On August 11, SM said, “Riding on the promotions of various artists such as TVXQ, Super Junior, Girls’ Generation, SHINee, f(x), EXO, Red Velvet, etc., we’ve seen a large increase in our Chinese sales, which are 114 percent up from last year.”
SM Entertainment is a South Korean entertainment company, founded by Lee Soo-man. The company operates a record label, talent agency, travel agency, film Production Company, music production company, event management and concert production firm as well as a music publishing house. A prominent entertainment company in South Korea, the label is one of the biggest record labels in the K-pop industry.