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SM Entertainment published its first-quarter 2024 earnings release report on May 8, 2024. The K-pop label unveiled an overview of their upcoming music releases for the third quarter of 2024, including tracks by NCT 127, Irene, Taeyeon, Key, and other SM artists.
NCT 127, Girls' Generation's Taeyeon, SHINee's Key, EXO's Chanyeol, Red Velvet's Irene, NCT's Jaehyun, WayV, Key, aespa, RIIZE, and NCT Dream are reported to make a comeback this year.
Several artists, including Chanyeol of EXO, Irene of Red Velvet, Jaehyun of NCT, Key of SHINee, and boyband NCT Wish, are set to release mini-albums. SM Entertainment also confirmed the first Japanese mini-album release by the Chinese group WayV in the third quarter of 2024.
SM Entertainment recorded a profit of $161 million in the first quarter of 2024
Along with boyband RIIZE and girl group aespa, SHINee's Key is also expected to release a Japanese single in the upcoming quarter. In the next quarter, full-length albums are anticipated from two artists: NCT 127 and Taeyeon of Girls' Generation.
It is anticipated that NCT Dream will release an English song, and NCT Wish will present a new Korean track. Meanwhile, Taeyeon is scheduled to clock in a single at the same time, however, it's not apparent at this point whether the two projects are connected.
Furthermore, Hyoyeon's upcoming solo single has been moved from the second to the third quarter of 2024. SM Entertainment declared releases from the second-generation group Super Junior and Mark of NCT for the ongoing second quarter.
On May 8, SM Entertainment reported first-quarter 2024 overall revenue of 220.1 billion won (over $161 million), revenue from operations of 15.5 billion won ($11.3 million), and a net income of 12.4 billion won ($9 million) in its earnings release. Additionally, the company's subsidiaries also showed a growth in their sales from drama production and advertising.
Meanwhile, due to the successful concert performances that NCT 127, SHINee, and TVXQ delivered, the company's concert sales surged by 21% over last year. NCT 127's third world tour NEO CITY – THE UNITY, which began in November 2023 and concluded on March 19, 2024, also contributed to the increased revenues.
Sales growth was partly attributed to the integration of SM BM and partly to the rise of artists' endeavors in Japan, which also boosted sales for SMC.
More about SM Entertainment artists' comeback announcements with the earning report
The first-quarter sales rose 7.9% over the same time frame in 2023, which was aided by the growth in MD sales and the performance magnitude expansions. In 2024, first-quarter sales clocked in over 136.1 billion won (over $99.6 million) and operating profit of 20.1 billion won (over $14 million), which was up 6.2% and 3.3%, respectively, compared to 2023.
Approximately, 16.6 billion won ($12.1 million) was made in net profit throughout that time. The previous year's large-scale concerts and greeting sales contributed to a surge in revenues in the MD and licensing sectors.
This includes SMTOWN LIVE 2023, which featured TVXQ, Super Junior, Red Velvet, NCT 127, NCT DREAM, WayV, aespa, and was held in Jakarta, Indonesia on September 23, 2023.
SM Entertainment also witnessed increased revenues from drama production resulting in an operational profit of 700 million won (over $512,734) from its subsidiary company, Keyeast.
Here's a final list of the scheduled artist's comebacks in 2024:
- TAEYEON – full album & single
- NCT 127 – full album
- SHINee Key – mini album & single (JPN)
- EXO CHANYEOL – mini album
- Red Velvet Irene – mini album
- JAEHYUN – mini album
- WayV – mini album (JPN)
- NCT Wish – mini album
- HYOYEON – single
- NCT DREAM – single (ENG)
- aespa – single (JPN)
- RIIZE – single (JPN)
- NCT WISH – single
- naevis – single
In 2024, SM Entertainment announced that aespa will begin a world tour that will include 14 different locations beginning at the end of June, in addition to NCT DREAM's scheduled third world tour. Additionally, rookie group RIIZE is reported to head on to their first international fan concert, after debuting in September 2023 with their EP Get a Guitar.
